What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-04-15 compared with 2025-04-15 · 661 added, 496 removed, 336 unchanged (77% of the section changed)

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Subsequent to obtaining appropriate

shareholder approvals, the Company subsequently reconstituted its board of directors and senior management team.

Western is a Canadian

domestic issuer and Canadian reporting issuer.

On August 18, 2014, the Company closed on

the purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp.

Assets purchased included both owned

and leased lands in Utah and Colorado, and all represent properties that have been previously mined for uranium to varying degrees

The acquisition included the purchase of the Sunday Mine Complex.

shareholder approvals, the Company reconstituted its board of directors and senior management team.

Western is a Canadian domestic issuer

and Canadian reporting issuer.

On August 18, 2014, the Company closed on the

purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp.

Assets purchased included both owned and leased

lands in Utah and Colorado, and all represent properties that have been previously mined for uranium to varying degrees in the past.

The acquisition included the purchase of the Sunday Mine Complex (“SMC”).

The Sunday Mine Complex is located in western San

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The complex consists of the following five individual mines:

the Sunday mine, the Carnation mine, the Saint

Jude mine, the West Sunday mine and the Topaz Mine.

The operation of each of these mines requires a separate permit, and all such

permits have been obtained by Western and are currently valid.

the Sunday mine, the Carnation mine, the St.

mine, the West Sunday mine and the Topaz Mine.

The operation of each of these mines requires a separate permit, and all such permits

have been obtained by Western and are currently valid.

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,

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was assigned “Active” status when mining operations were restarted.

On September 16, 2015, Western completed its acquisition

of Black Range Minerals Limited (“Black Range”), an Australian company that was listed on the Australian Securities Exchange

until the acquisition was completed.

The acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into

between Western and Black Range.

Pursuant to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme

of Arrangement (“the Scheme”) under the Australian Corporation Act 2001 (Cth) (the “Black Range Transaction”),

with Black Range shareholders being issued common shares of Western on a 1 for 750 basis.

On August 25, 2015, the Scheme was approved

by the shareholders of Black Range, and on September 4, 2015, Black Range received approval by the Federal Court of Australia.

Western issued options to purchase Western common shares to certain employees, directors, and consultants.

Such stock options were intended

to replace Black Range stock options outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

In connection with the Black Range Transaction,

Western acquired the net assets of Black Range.

These net assets consist principally of interests in a large uranium resource located

in Colorado (the “Hansen-Taylor Complex”) and a 100% interest in a 25 year license for Kinetic Separation (“Kinetic

Separation”, formerly known as “Ablation”) and related patents from Ablation Technologies, LLC.

The Hansen-Taylor Complex

is principally a sandstone-hosted deposit that was discovered in 1977.

Furthermore, related to Kinetic Separation in

connection with the acquisition of Black Range, the Company assumed a call option agreement between Black Range and Mr.

George Glasier.

Prior to the Black Range Transaction, George Glasier, the Company’s CEO, who is also a director of the Company (“Seller”),

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

In connection with the transfer, Black

Range issued 25 million shares of Black Range common stock to Seller and committed to pay $309,138 (AUD $500,000) to Seller within 60

days of the first commercial application of the Kinetic Separation.

Western assumed this contingent payment obligation in connection with

the Black Range Transaction.

On September 16, 2015, Western completed its

acquisition of Black Range, an Australian company that was listed on the Australian Securities Exchange until the acquisition was completed.

The acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into between Western and Black Range.

to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme of Arrangement (“the Scheme”)

under the Australian Corporation Act 2001 (Cth) (the “Black Range Transaction”), with Black Range shareholders being issued

common shares of Western on a 1 for 750 basis.

On August 25, 2015, the Scheme was approved by the shareholders of Black Range, and on

September 4, 2015, Black Range received approval by the Federal Court of Australia.

In addition, Western issued options to purchase Western

common shares to certain employees, directors, and consultants.

Such stock options were intended to replace Black Range stock options

outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

Under United States Securities and Exchange Commission

(“Commission”) rules, the Black Range transaction triggered the Company being deemed a United States domestic issuer and losing

its foreign private issuer exemption.

On April 29, 2016, the Company filed a Form 10 registration statement with the Commission after

shifting its basis of accounting from IFRS to U.S.

(“Commission”) rules, the Black Range transaction triggered the Company being deemed a United States domestic issuer and

losing its foreign private issuer exemption.

On April 29, 2016, the Company filed a Form 10 registration statement with the Commission

after shifting its basis of accounting from IFRS to U.S.

On June 28, 2016, the Company’s registration statement became effective

and Western became a United States reporting issuer.

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

as that term is defined in Rule 3b-4(c) promulgated under the Exchange Act.

As a result, the Company may now utilize certain accommodations

made to foreign private issuers, including (1) an exemption from complying with the Commission’s proxy rules, (2) an exemption from

the Company’s insiders having to comply with the reporting and short-swing trading liability provisions of Section 16 under the

Exchange Act, (3) the ability to make periodic filings with the Commission on the Form 20-F and Form 6-K foreign issuer forms, and (4)

the ability to offer and sell unrestricted securities outside of the United States pursuant to Rule 903 of Regulation S.

The Company plans

to take advantage of these accommodations.

However, the Company currently has decided to voluntarily continue to file periodic reports

with the Commission using domestic issuer forms including filing annual reports on Form 10-K, quarterly reports on Form 10-Q and current

reports on Form 8-K.

On the subsequent measurement date, June 30, 2024, Western reconfirmed its qualification as a foreign private issuer.

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

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

As a result, the Company may now utilize certain

accommodations made to foreign private issuers, including (1) an exemption from complying with the Commission’s proxy rules, (2)

an exemption from the Company’s insiders having to comply with the reporting and short-swing trading liability provisions of Section

16 under the Exchange Act, (3) the ability to make periodic filings with the Commission on the Form 20-F and Form 6-K foreign issuer

forms, and (4) the ability to offer and sell unrestricted securities outside of the United States pursuant to Rule 903 of Regulation

The Company plans to take advantage of these accommodations.

However, the Company currently has decided to voluntarily continue to

file periodic reports with the Commission using domestic issuer forms including filing annual reports on Form 10-K, quarterly reports

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

As of the subsequent measurement date, June 30, 2024, Western reconfirmed its qualification

as a foreign private issuer for periods ended through December 31, 2025.

The Company has registered offices at 5 Church

Street, Toronto, Ontario, Canada, M5E 1M2, and its common shares are listed on the CSE under the symbol “WUC” and are traded

on the OTCQX Best Market under the symbol “WSTRF”.

Its principal business activity is the acquisition and development of

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

The Kinetic Separation process is dramatically

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Subject to regulatory approvals for its use, Kinetic Separation is beneficial in the following

crushing, and separation of waste from minerals (uranium and vanadium), can occur underground (inside the mine), at the mine above ground,

at a location between the mine and the mill, or at the mill.

● Value-added

of the process is that 85%-90% of the waste is separated at earlier steps in the process thus saving costs in later steps.

include reduced radiometric exposure, time duration of material handling is reduced, lower costs for transportation.

reduced ore quantities is beneficial at the mill stage due to the reduction in acid and power consumption, and post-milling tailings.

Mining, crushing, and separation

of waste from minerals (uranium and vanadium), can occur underground (inside the mine), at the mine above ground, at a location between

the mine and the mill, or at the mill.

Value-added of the process

is that 85%-90% of the waste is separated at earlier steps in the process thus saving costs in later steps.

Benefits include reduced

radiometric exposure, time duration of material handling is reduced, lower costs for transportation.

Processing reduced ore

quantities is beneficial at the mill stage due to the reduction in acid and power consumption, and post-milling tailings.

Kinetic Separation can be used on legacy uranium

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mining allows the cost of production of uranium to be reduced by 44-53%.

Our common shares are listed on the Canadian Securities

Exchange, also known as the “CSE,” under the symbol “WUC”, and are also quoted in the United States on the OTCQX

Best Market under the symbol “WSTRF.” We are headquartered in Ontario, Canada with mining operations in the two U.S.

of Utah and Colorado.

The mailing address of our headquarters is 5 Church Street, Toronto, Ontario, M5E 1M2, Canada, and the telephone

number is (970) 864-2125.

Our common shares are listed on the Canadian

Securities Exchange, also known as the “CSE,” under the symbol “WUC”, and are also quoted in the United States

on the OTCQX Best Market under the symbol “WSTRF.” We are headquartered in Ontario, Canada with mining operations in the

states of Utah and Colorado.

The mailing address of our headquarters is 5 Church Street, Toronto, Ontario, M5E 1M2, Canada,

and the telephone number is (970) 864-2125.

Our corporate website is located at http://www.western-uranium.com/.

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Corporation (“PRC”) and Mustang Mineral Processing Inc (“Mustang”).

Western is in the business of exploring,

developing, mining and production of its uranium and vanadium resource properties in the states of Utah and Colorado in the United

States of America (“United States”).

Western is in the business of exploring, developing,

mining and production of its uranium and vanadium resource properties in the states of Utah and Colorado in the United States of America

(“United States”).

Western is an exploration stage issuer for purposes

Under S-K 1300, a mining company like ours can be classified as either an exploration stage issuer, a development stage issuer

or a production stage issuer.

Exploration stage issuers are companies that are engaged in the search for mineral deposits, which are not

in either the development stage or the production stage.

In order to be classified as a development stage issuer or a production stage

issuer, the Company must have already established mineral reserves.

The Company has not established mineral reserves for purposes of S-K

Our mineral properties are located in western Colorado and eastern

Utah and adjacent areas of the western United States.

We have committed to permitting and building our own mill to process uranium and

vanadium and incorporating Kinetic Separation into our licensing.

Our primary focus consists of the mining operations at the fully permitted

Sunday Mine, the commercialization of Kinetic Separation, completing the permitting and construction of mineral processing facilities

(uranium and vanadium), and permitting the San Rafael Project.

Under S-K 1300, a mining company like ours can be classified as either an exploration stage issuer, a development stage

issuer or a production stage issuer.

Exploration stage issuers are companies that are engaged in the search for mineral deposits, which

are not in either the development stage or the production stage.

In order to be classified as a development stage issuer or a production

stage issuer, the Company must have already established mineral reserves.

The Company has not established mineral reserves for purposes

Our mineral properties are located in western

Colorado and eastern Utah and adjacent areas of the western United States.

We have committed to permitting and building our own mill

to process uranium and vanadium and incorporating Kinetic Separation into our licensing.

Our primary focus consists of the mining operations

at the fully permitted Sunday Mine, the commercialization of Kinetic Separation, completing the permitting and construction of mineral

processing facilities (uranium and vanadium), and permitting the San Rafael Project.

The Sunday Mine Complex is located in western

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typically more than 90% of the mineralization can be separated into 10-20% of the initial sample mass.

Our vision is to become a regional uranium and vanadium developer,

producer, and processor.

Our strategy is to build value for shareholders by advancing our projects for further scaled-up mining production.

We have committed to permitting and building our own processing plant to mill uranium and vanadium and incorporating Kinetic Separation

into our licensing.

Facility design and permitting have begun on parcels of land acquired in Utah and Colorado, on which we intend to

develop and build our processing facilities.

In 2022, Western began acquiring mining equipment and vehicles and building a mining team

to put in place an in-house mining capability and to replace its previous outsourced mining contractor.

During 2024 and 2023, this team

was conducting mining operations at the Sunday Mine Complex developing the mine for future production and extracting ore to be stockpiled

underground, to assure the availability of feedstock to baseload the mineral processing facilities.

Our vision is to become a regional uranium and

vanadium developer, producer, and processor.

Our strategy is to build value for shareholders by advancing our projects for further scaled-up

mining production.

We have committed to permitting and building our own processing plant to mill uranium and vanadium and incorporating

Kinetic Separation into our licensing.

Facility design and permitting have begun on parcels of land acquired in Utah and Colorado, on

which we intend to develop and build our processing facilities.

In 2022, Western began acquiring mining equipment and vehicles and building

a mining team to put in place an in-house mining capability and to replace its previous outsourced mining contractor.

During 2025 and

2024, this team was conducting mining operations at the Sunday Mine Complex developing the mine for future production and extracting

ore to be stockpiled underground, to assure the availability of feedstock to baseload the mineral processing facilities.

At any time we may have acquisition or partnering

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Capital Raising

On November 20, 2024, the Company 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).

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 $1.27 (CAD $1.78) per share for a period of four years following the closing date of the private placement.

On December 12, 2023, the Company closed a non-brokered

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 $5,324,989 (CAD $7,250,000 as of December 31, 2023).

Issuance costs, consisting principally of commissions and legal fees,

were $488,122 (CAD $661,912 as of December 31, 2023).

Each unit consisted of one common share plus one half of one warrant.

is exercisable into one share at a price of $1.38 (CAD $1.88) per common share for a period of four years following the closing date of

the private placement.

A total of 5,215,828 common shares and warrants to purchase 2,607,913 common shares were issued to investors in

connection with the private placement.

During the years ended December 31, 2024 and 2023,

an aggregate of 5,198,540 and 1,165,450 warrants were exercised for total proceeds of $4,605,458 (CAD $6,238,248) and $1,004,044 (CAD

$1,358,565), respectively.

On November 28, 2024, The Company’s Board approved amendments

to extend the term and reduce the exercise price of 2,868,541 previously issued common share purchase warrants.

These warrants, originally

issued during December 2021 and January 2022, had initial exercise prices of $1.94 (CAD $2.50) and $2.00 (CAD $2.50) per share, respectively,

and were set to expire three years post-issuance.

Effective November 28, 2024, the term was extended to January 20, 2026, a date that

is less than five years since the original date of issuance.

Effective February 27, 2025 the exercise price was reduced to $1.39 (CAD

$2.00), the date upon which the Canadian Securities Exchange (CSE) accepted the warrant repricing and the amended Form 13 filing was approved

During the year ended December 31, 2024, the Company recorded an incremental fair value of $184,308 arising from the extension

On February 27, 2025, the Company recorded an incremental fair value of $104,840 for the modification of the exercise price.

amounted to $4,202,281 (CAD $5,900,000) and proceeds net of issuance costs were $3,806,270 (CAD $5,344,010).

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.

On June 13, 2025, the Company closed a 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).

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 $0.77 (CAD $1.05)

per share for a period of four years following the closing date of the private placement.

A total of 5,911,786 common shares and warrants

to purchase 5,911,786 common shares were issued to investors and warrants to purchase 206,913 common shares were issued to broker dealers

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 November 20, 2024, the Company 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).

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 $1.27 (CAD $1.78)

per share for a period of four years following the closing date of the private placement.

During the year ended December 31, 2024, an aggregate

of 5,198,540 warrants were exercised for total proceeds of $4,605,458 (CAD $6,238,248).

On November 28, 2024, The Company’s Board

approved amendments to extend the term and reduce the exercise price of 2,868,541 previously issued common share purchase warrants.

warrants, originally issued during December 2021 and January 2022, had initial exercise prices of $1.94 (CAD $2.50) and $2.00 (CAD $2.50)

per share, respectively, and were set to expire three years post-issuance.

Effective November 28, 2024, the term was extended to January

20, 2026, a date that is less than five years since the original date of issuance.

Effective February 27, 2025 the exercise price was

reduced to $1.39 (CAD $2.00), the date upon which the Canadian Securities Exchange (CSE) accepted the warrant repricing and the amended

Form 13 filing was approved for filing.

During the year ended December 31, 2024, the Company recorded an incremental fair value of $184,308

arising from the extension of the term.

On February 27, 2025, the Company recorded an incremental fair value of $104,840 for the modification

of the exercise price.

The cost of the warrant modifications was accounted for as a cost of raising capital.

This modification was granted to facilitate the

raising of additional equity capital by extending the exercise period and lowering the exercise price, thereby providing warrant investors

with more time and incentive to exercise their warrants.

This modification was granted

to facilitate the raising of additional equity capital by extending the exercise period and lowering the exercise price, thereby providing

warrant investors with more time and incentive to exercise their warrants.

Uranium/Vanadium Production

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flexibility with the goal of beginning production as expeditiously as possible once market conditions for uranium and/or vanadium were

Well maintained existing infrastructure from years of previous production allowed the Company to quickly advance the mine to

a production ready status.

Well maintained existing infrastructure from years of previous production allowed the Company to quickly advance the mine

to a production ready status.

The 2018 vanadium price rally catalyzed a project

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In 2021, catalysts continued to provide positive signals for uranium miners and investors.

This catalyzed work

during 2021 and 2022 at the Sunday Mine Complex project which commenced in July 2021.

After completion of infrastructure work in this

new area of the mine, exploration and development of the GMG ore body was the first project phase.

Drifting, continuous high-grade ore

was intersected, which led to the mining and underground stockpiling of over 3,000 tons of uranium/vanadium ore during the December 2021

This catalyzed

work during 2021 and 2022 at the Sunday Mine Complex project which commenced in July 2021.

After completion of infrastructure work in

this new area of the mine, exploration and development of the GMG ore body was the first project phase.

Drifting, continuous high-grade

ore was intersected, which led to the mining and underground stockpiling of over 3,000 tons of uranium/vanadium ore during the December

2021 to March 2022 period.

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mining operation has now been substantially completed.

Since this transition began in spring 2022, additional employees have been hired

to support mining operations and mining equipment and vehicles have been acquired to support deployment of two (2) fully equipped mining

Since this transition began in spring 2022, additional employees were hired to

support mining operations and mining equipment and vehicles have been acquired to support deployment of two (2) fully equipped mining

The equipment has been prepared for operations and readied for deployment;

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continually focused on additional development in multiple areas of the mine.

Underground operations were placed on temporary standby during

1Q 2026 and equipment was secured and prepared for storage.

The mining operations team is continuing the completion of surface projects.

When we next receive market signals to scale-up operations, the next underground projects will focus on the development of additional

Sunday Mine Complex areas which have indicated defined uranium mineralization to further expand capacity.

It may be difficult for many uranium mining companies

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

however, it could be transferred in

the sale of Western or the subsidiary holding the license.

however, it could be transferred

in the sale of Western or the subsidiary holding the license.

Prior to the planned processing plant becoming

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Uranium/Vanadium Processing Facilities Development

Mustang Minerals Processing

Our current plans call for the permitting and construction of a mineral

processing plant at our newly acquired site in Colorado.

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

phases of licensing and permitting of the Pinon Ridge Mill project.

The Company’s plans are to develop its initial mill at the Colorado

location, which is much closer to the Sunday Mine Complex than the Maverick site.

This mill is expected to have a cost of approximately

$75 million and is targeted to start up in 2029.

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 process.

These technology advancements will result in lower overall

capital and processing costs.

After permitting and construction, and subject to the availability of financing, the processing of uranium

and vanadium materials is expected to commence in early 2029.

Mustang Mineral Processing Plant

We are prioritizing the development of the Mustang Mineral Processing

Plant (Mustang) in Colorado due to its close proximity to the SMC and lower hauling costs in comparison to the Maverick Minerals Processing

Plant in Utah.

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).

Official baseline

data collection at Mustang began in December 2024 for water monitoring and January 2025 for air monitoring.

The required water monitoring

data collection has been completed.

As the air monitoring equipment required repair, we will need to continue to collect air sample data

into 2Q 2026.

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

2025, Western sourced digital versions of the prior Pinon Ridge Mill license application and supporting data which will result in substantial

savings in the compilation of the radioactive materials license application.

The team will begin preparing the application in 2Q 2026

with the goal of submitting the application during 4Q 2026.

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

Maverick Minerals Processing Plant

The development of the Maverick Minerals Processing

Plant in Green River, Utah, has advanced since this project commenced.

In the second quarter 2023, the land acquisition was completed

and in the third quarter 2023 the project design and permitting activities began with the engagement of a full team of consulting firms,

chosen for their expertise in engineering / mill design, permit preparation, environmental, hydrology, and air quality.

Site evaluation

work was undertaken and a preliminary plant and property site plan was compiled for the location of monitor wells, meteorological towers,

buildings, processing circuits, tailings and evaporation ponds, roads/infrastructure and ore storage facilities.

At a pre-application

permitting meeting in November 2023, the Company and its consultants met onsite with local officials.

During 2024, additional baseline

data required for submission of the permitting application was collected from the onsite meteorological towers.

A final plant and animal

study was completed.

This study confirmed the site is clear of endangered plant life that is only observable during the spring growing

Additional consulting commitments were made to advance the licensing and development with Precision Systems Engineering (PSE),

a leading engineering and design consulting firm headquartered in Sandy, Utah.

PSE was working to release the preliminary engineering

design and cost estimate for a 500 ton per day mill.

Next steps for site work included the planned installation of monitor wells.

work has been deferred while Western reassesses its design and strategy now that it has purchased a previously licensed mill site in Colorado

(please see Colorado Mill Site Purchase, below).

This location remains valuable to Western due to its close proximity, approximately 4

miles, to the San Rafael project which is slated as Western’s second production center.

Mustang Mineral Processing Site Acquisition

Plant in Green River, Utah, has advanced since the land package acquisition was completed in 2023.

Subsequently, a full team of consulting

firms was chosen and engaged for their expertise in engineering / mill design, permit preparation, environmental, hydrology, and air quality.

The project design and permitting activities include site evaluation work, compilation of a preliminary plant and property site plan,

baseline data collection, plant and animal studies and a cultural survey.

Additional consulting commitments were made to advance the licensing

and development with Precision Systems Engineering (“PSE”), a leading engineering and design consulting firm headquartered

in Sandy, Utah.

The next steps were for PSE to complete a preliminary engineering design and cost estimate for a 500 ton per day mill

and the installation of monitor wells.

However, additional work has been deferred for Western to reassess its design strategy now that

it has purchased a previously licensed mill site in Colorado (Mustang Mineral Processing Plant, formerly the Pinon Ridge Mill).

As processing

facility development efforts have been shifted, some of the Maverick site infrastructure has been relocated to the Mustang site, and notably

the preliminary engineering work is also transferable.

The Maverick site is located in close proximity (approximately 4 miles) to the

San Rafael Uranium Project;

however, it is approximately 170 miles from the Sunday Mine Complex.

We are prioritizing development of the

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

Mustang Mineral Mill Site Acquisition

On October 1, 2024, Western, through its wholly

owned subsidiary, Western Utah, executed a binding stock purchase agreement (the “PRC Agreement”) to purchase 100% of the

shares of PRC from a private investor group and thereby acquire Mustang, which is a wholly owned subsidiary of PRC.

Mustang owns an 880-acre

property located in Montrose County, Colorado, where a uranium processing mill was previously licensed but never constructed.

The acquisition

becomes the second property that Western has acquired, in addition to the Maverick site in Utah.

It also becomes part of Western’s

plans for developing and licensing one or more uranium and vanadium processing facilities to process production from its resource properties

in Colorado and Utah.

Pursuant to the PRC Agreement, the former PRC shareholders were paid

$829,167 for their equity and shareholder loans.

After closing, a creditor holding a security interest against Mustang was paid a total

of $1,148,125 to retire an outstanding promissory note.

Western also assumed certain PRC liabilities in the transaction and royalty obligations

to an unrelated third party with future commitments to be satisfied.

These royalties are based on the volume of minerals processed through

any mineral processing plant located on the property.

owned subsidiary, Western Utah, executed a binding stock purchase agreement to purchase 100% of the shares of PRC from a private investor

group and thereby acquire Mustang, which is a wholly owned subsidiary of PRC.

Mustang owns an 880-acre property located in Montrose County,

Colorado, where a uranium processing mill was previously licensed but never constructed.

The transaction was accounted for as a purchase

The Company assumed an obligation to an unrelated third party to remit a royalty based on the volume of minerals processed

through any mineral processing plant located on the property.

The acquisition becomes the second property that

Western has acquired, in addition to the Maverick site in Utah.

It also becomes part of Western’s plans for developing and licensing

one or more uranium and vanadium processing facilities to process production from its resource properties in Colorado and Utah.

George Glasier, the President, CEO and a director

of Western, and his wife Kathleen owned 50% of the shares of PRC and Andrew Wilder, a director of Western, indirectly owned 3% of the

shares of PRC, and so the transaction was considered a related party transaction.

The Company’s Board of Directors established an

independent committee of the Board comprised of directors who were not considered to have an interest in the transaction.

The independent

committee supervised the negotiation of and approved Western’s entry into the PRC agreement.

The total purchase price of PRC was $1.98 million,

which consisted of an aggregate of $829,167 in payments to former PRC shareholders for their equity interests and outstanding loans made

to PRC and related accrued interest and a $1,148,125 payment for principal and interest to a third party in satisfaction of an assumed

liability of Mustang.

For the 53% ownership of PRC, $414,584 was paid to George Glasier and $24,875 was paid to an affiliate of Andrew

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

planned 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 newly added 500 acres of claims acquired by staking.

Ore Purchase Agreement

On April 8, 2025, PRM entered into an Ore Purchase

Agreement (the “Ore Purchase Agreement”) with subsidiaries of Energy Fuels Inc.

(“Purchaser”).

The Ore Purchase

Agreement was for a one year period and provided for the delivery of up to 25,000 short tons of uranium bearing ore to the White Mesa

Mill in Blanding, Utah.

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

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.

During April and May 2025, 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.

The Company commenced deliveries in late June 2025 and during this period 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.

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

During the year ended December 31, 2025, we recognized revenue from the sale of ore, net of royalty, of $297,285.

As of December 31, 2025,

included within other current assets on the consolidated balance sheet were receivables in the amount of $45,503 due from Purchaser.

the end of September 2025, Western made the decision to pause additional future deliveries in favor of focusing the mining staff on development

projects that can increase future feedstock quantities for the Mustang Mineral Processing Plant.

Additional Projects To Expand Production

Looking forward, Management is considering opportunities across our

property portfolio to increase production capacity through less capital intensive projects.

These include re-permitting the Topaz Mine,

rehabilitating the Sage Mine, reassessing the Van 4 Mine for decline/portal access rather than utilizing the previously reclaimed shaft,

and additional development of the Rimrock JV mines.

The project to advance permitting of the San Rafael Project is included in this group,

and discussed in more detail below.

Progress has been made on each of these initiatives.

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

expansion objectives.

URANIUM MARKET OUTLOOK

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electricity is growing.

The future demand for uranium is expected to increase due to the construction of additional nuclear reactors around

The future demand for uranium is expected to increase due to the construction of additional nuclear reactors

around the world.

Multiple Japanese utilities have nuclear reactors in the process of restarting.

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are receiving unprecedented support on a global basis, as a base load electricity source with zero carbon emissions.

After the 2011 Fukushima nuclear accident, uranium markets endured

a decade long bear market due to excess supply created by nuclear reactor shutdowns and large quantities of new material entering the

In recent years, this excess supply has been depleted by utility use, production curtailments, COVID-19 induced production suspensions,

and financial buyers purchasing physical uranium (“U3O8”).

A uranium global supply/demand imbalance had been projected by

analysts to impact uranium prices in coming years.

In 2020 COVID-19 induced mine closures and in 2021 Sprott Physical Uranium Trust (“SPUT”)

purchased 23 million lbs of U 3 O 8 , underscoring the imbalance.

Both of these catalysts have depleted excess inventories

and accelerated the timing of the supply/demand impact.

Demand is increasing with new reactors being built, next generation reactors being

advanced, operating reactor life being extended, idle reactors being restarted, and nuclear phase-out plans being reversed.

At a macro-level,

the electrification transition and climate change initiatives have increased global support for nuclear.

In 2022, geopolitical events became the main driver

of uranium markets.

After the 2011 Fukushima nuclear accident, uranium

markets endured a decade long bear market due to excess supply created by nuclear reactor shutdowns and large quantities of new material

entering the market.

In recent years, this excess supply has been depleted by utility use, production curtailments, COVID-19 induced

production suspensions, and financial buyers purchasing physical uranium (“U3O8”).

A uranium global supply/demand imbalance

had been projected by analysts to impact uranium prices in coming years.

In 2020 COVID-19 induced mine closures and in 2021 Sprott Physical

Uranium Trust (“SPUT”) purchased 23 million lbs of U 3 O 8 , underscoring the imbalance.

Both of these

catalysts have depleted excess inventories and accelerated the timing of the supply/demand impact.

Demand is increasing with new reactors

being built, next generation reactors being advanced, operating reactor life being extended, idle reactors being restarted, and nuclear

phase-out plans being reversed.

At a macro-level, the electrification transition and climate change initiatives have increased global

support for nuclear.

In 2022, geopolitical events became the main

driver of uranium markets.

During January, mass government protests in Kazakhstan were suppressed by the Collective Security Treaty Organization,

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and the purchase of 12 million lbs of U3O8 during the first quarter of 2022.

With equity markets having their worst year since 2008, 2022 became

a transformational year for the normally staid nuclear power and physical uranium markets as the status quo was disrupted.

rush on contracts for the limited available conversion and enrichment capacity which caused a price surge.

Due to shrinking secondary

supplies, utilities followed by signing new uranium supply contracts that increased long-term U3O8 prices from $43 to $52 during the year.

The real uranium industry bull market was in the

underlying fundamentals attributable to multiple factors, including:

With equity markets having their worst year since

2008, 2022 became a transformational year for the normally staid nuclear power and physical uranium markets as the status quo was disrupted.

There was a rush on contracts for the limited available conversion and enrichment capacity which caused a price surge.

Due to shrinking

secondary supplies, utilities followed by signing new uranium supply contracts that increased long-term U3O8 prices from $43 to $52 during

The real uranium industry bull market was in

the underlying fundamentals attributable to multiple factors, including:

climate change, energy security, supply chain and energy scarcity

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non-nuclear nations adding

nuclear power generation, nuclear nations expanding fleets and/or extending lives of existing reactors, idled nuclear reactors being re-started,

reactors being phased out and shutdowns being reversed, and the deployment of advanced reactors / SMRs.

However, the challenge is in meeting

increasing demand while being constrained from sourcing new material from the world’s largest suppliers.

nuclear power generation, nuclear nations expanding fleets and/or extending lives of existing reactors, idled nuclear reactors being

re-started, reactors being phased out and shutdowns being reversed, and the deployment of advanced reactors / SMRs.

However, the challenge

is in meeting increasing demand while being constrained from sourcing new material from the world’s largest suppliers.

Russia’s invasion of Ukraine and the ensuing

global energy crisis has focused attention on security of supply and supply chain risks and has caused most of the world to re-evaluate

global energy crisis has focused attention on security of supply and supply chain risks.

This has caused most of the world to re-evaluate

their dependence upon nuclear fuel exported by Russia.

The dominant market position of Rosatom, Russia’s national nuclear company,

was developed through decades of government subsidies.

Because of the Ukraine invasion, new contracts are largely not being signed with

Rosatom, and deliveries under existing contracts continue to be made.

Future deliveries potentially could be at risk due to sanctions

/ legislation or a Russian embargo.

Customer dependencies upon the Russian supply of uranium, conversion and enrichment are being addressed

slowly by governments as alternative suppliers are not currently available.

A secondary concern is Kazakhstan, the world’s largest

uranium producing country and the second longest continuous land border in the world shared with Russia.

The concern is Russia exerting

influence over Kazakhstan amid their currently strained relationship.

Additionally, Kazatomprom has put in place infrastructure to supply

uranium to China under its 15 year plan to deploy 150 new nuclear reactors.

In 2022, it has become evident that this small area of the

world has emerged to form the key drivers in the future of the global nuclear fuel cycle.

In spite of the dominant market position of Rosatom, future deliveries potentially

could be at risk due to sanctions, legislation, or a Russian embargo.

Customer dependence upon the Russian supply of uranium, conversion

and enrichment are being addressed slowly by governments as alternative suppliers are not currently available.

Both Urenco and Orano

have announced that they will invest to expand their uranium enrichment capacity respectively in the United States and France, which

represents a shift away from Russia.

Utilities are demonstrating their desire for increased security of their nuclear fuel supply chains.

Kazakhstan is also a concern because the world’s largest uranium producing country has an unguarded and the second longest continuous

land border in the world shared with Russia.

The potential exists for Russia to exert influence over Kazakhstan.

Additionally, Kazatomprom

has put large long-term contracts in place with China.

This supply is needed for China to fulfill its 15 year plan to deploy 150 new

nuclear reactors.

China National Nuclear Corp.

(CNNC) has recently opened a uranium trading hub and warehouse facility, on the China

/ Kazakhstan border, with the capacity to store 60 million pounds of uranium.

It has become evident that the nuclear fuel supply chain

has become increasingly concentrated and interconnected in this very small area of the world.

Expanding Kazakhstan uranium exports to

Russia and China significantly reduces future supply for Western nuclear fuel buyers.

In July 2023, the government of Niger was overthrown

by its military.

This is significant because the new regime is opposed to Western interests and this landlocked West African country holds

the 7th largest uranium resource in the world and was producing about 5% of global production.

Multiple uranium mine development projects

in the county continue to proceed despite the evacuation of many foreign nationals.

The situation in Niger is a developing matter and

the conflict has an anti-French sentiment.

The Junta has initiated multiple actions that are counter to French interests.

Most importantly,

Niger’s Junta has threatened the export of uranium to France which has serious implications because France had acquired 20% of its

natural uranium from Niger.

This is significant because the new regime is opposed to Western interests and this landlocked West African country

holds the 7th largest uranium resource in the world and was producing about 5% of global production.

The conflict has an anti-French

sentiment, and the Junta has initiated multiple actions that are counter to French interests.

Most importantly, Niger’s Junta has

threatened the export of uranium to France which has serious implications because France acquires 20% of its natural uranium from Niger.

In addition to the French evacuating/ being expelled from Niger, the U.S.

military also departed the country.

The Junta is utilizing

Russian military support as a replacement.

In addition, the Niger government has revoked operating permits from foreign uranium companies,

including Orano in June 2024 and Goviex in July 2024.

In November 2024, Orano further reported that it had lost operational control,

to authorities in Niger, of another of its uranium mines.

This mine was in production, but had been impacted by export restrictions imposed

by the Junta.

During October 2023, geopolitical instabilities

spread further to the Middle East after a Hamas attack on Israel triggered a counterattack by Israel on the Gaza Strip.

This additional

hot spot further increases volatility in the world and destabilizes the Middle East region that is highly influential on global energy

The Israel-Hamas hostilities have escalated over the Summer of 2024 and then spread to other countries in the Middle East.

the beginning of 2025, Israel and Hamas agreed to a ceasefire which ended in March 2025;

the hostilities resumed in March and it is not

clear when and if the combatants will be able to negotiate a new ceasefire or an end to military actions.

In August 2025, the Israeli

Prime Minister spoke of Israel’s intention to take control of the entire Gaza Strip and said that he will be seeking backing from

Israeli government ministers.

On June 13, 2025, Israel attacked key nuclear and military facilities in Iran with Iranian military responding

with attacks on Israel soon after.

The conflict escalated quickly, which raised significant concerns for the stability of the region,

and oil prices increased sharply in the first days of the war.

On June 22, 2025, the United States military bombed a number of Iranian

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

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, when the remaining living Israeli hostages were released and 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.

In December 2023, in a show of bipartisan support,

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ban culminated in one being enacted in May 2024.

However, the ban will not take full effect until 2028, and it appears that multiple waivers

have been granted on preexisting contracts.

However, the ban will not take full effect until 2028, and it appears that multiple

waivers have been granted on preexisting contracts.

Spot uranium prices reacted to longer-term supply/demand

constraints and geopolitical risks hitting their peak at over $100/lb in January 2024.

During 2024, there were periods of notable support

as giant tech companies made plans to utilize nuclear energy and artificial intelligence (AI) and data centers were projected to consume

increasing amounts of energy in the future.

While term prices increased to the $80/lb range, spot uranium prices have endured a slow decline

from the high to the $64/lb level at the end of March 2025.

Events of the last few years have set in motion uranium market and

nuclear fuel opportunities for the next decade and beyond.

There are positive catalysts across multiple levels of the nuclear fuel and

uranium markets.

This is occurring at a time when aggregate uranium inventory has declined to its lowest levels in over a decade.

that restocking of utility inventories, new demand and shifting demand will catalyze a uranium bull market that will increase uranium

prices toward levels that will drive uranium mining company production, profits and equity prices.

As a result, Western made the largest

investments in the Company’s history during 2024 in advancing its operational strategy and mining operations.

During 2025, term prices increased to the $80/lb

range, spot uranium prices endured a slow decline from the high to the $64/lb level at the end of March 2025.

During 2025, the trading

range for spot uranium was $64/lb to $78/lb through August 2025.

In September 2025 and October 2025 spot prices rallied above $80/lb,

before declining back into the 2025 trading range in November 2025.

In January 2026, uranium spot prices spiked closing above $100/lb

for 2 days and above $90/lb for 5 days.

After this short lived rally was over spot prices declined and settled into the $80/lb range.

The uranium price trend is strong.

Over the five year period from 2020 to 2025, both spot and term prices have moved up from the $30/lb

range to the $80/lb range.

During 2024, there were periods of notable support as giant tech companies

made plans to utilize nuclear energy to support artificial intelligence (AI).

AI is expected to drive increasing energy use in data centers

in the future.

Investors began purchasing nuclear and uranium equities as a means to create long exposure for their positive view on Artificial

Intelligence (AI), due to the vast energy requirements of data centers.

Many of those investors reversed their positions and began to

sell these nuclear and uranium equities in the fourth quarter of 2024 and in the first quarter of 2025, and the nuclear and uranium equities

that initially benefited saw a price reversal.

In 2025 this investment thesis increased investment in nuclear and uranium.

With the agreements

signed between tech companies that sponsor AI data centers and the nuclear industry, these vast power requirements are viewed by the market

as a significant new long-term demand driver for nuclear power as the best source of baseload power.

Events of the last few years have set in motion

uranium market and nuclear fuel opportunities for the next decade and beyond.

There are positive catalysts across multiple levels of

the nuclear fuel and uranium markets.

This is occurring at a time when aggregate uranium inventory has declined to its lowest levels

in over a decade.

We believe that restocking of utility inventories, new demand and shifting demand will catalyze a uranium bull market

that will increase uranium prices toward levels that will drive uranium mining company production, profits and equity prices.

Western made the largest investments in the Company’s history during 2024 in advancing its operational strategy and mining operations.

Nuclear Fuel and Uranium Effect from the

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uranium prices in speculation that governments worldwide would sanction and ban nuclear fuel from Russia.

This was in recognition of Russia’s

dominant position in nuclear fuel services including 38% of world conversion capacity and 46% of world enrichment capacity.

position of Rosatom, Russia’s national nuclear company, was developed through decades of government subsidies.

However, because

of the lack of replacement capacity in the global nuclear fuel cycle, Rosatom has avoided sanctions.

This was in recognition of

Russia’s dominant position in nuclear fuel services including 38% of world conversion capacity and 46% of world enrichment capacity.

The market position of Rosatom, Russia’s national nuclear company, was developed through decades of government subsidies.

because of the lack of replacement capacity in the global nuclear fuel cycle, Rosatom has avoided sanctions.

Because of the Ukraine invasion, new contracts

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entity aids war effort, leading to calls for sanctions” was published by the Washington Post.

Obtained documents show that the Rosatom

state nuclear power conglomerate was supplying the Russian military with “components, technology, and raw materials for missile

fuel” to be used in the Ukraine war.

States Ban of Russian Uranium

In response to Russia’s war in Ukraine, the United States legislature passed

the Prohibiting Russian Uranium Imports Act (H.R.

1042) to ban Russian uranium imports into the U.S.

Unanimous passage of The Prohibiting

Russian Uranium Imports Act (H.R.

1042) in April 2024 by the U.S.

Obtained documents show that the

Rosatom state nuclear power conglomerate was supplying the Russian military with “components, technology, and raw materials for

missile fuel” to be used in the Ukraine war.

United States Ban of Russian Uranium due

to Russian Invasion of Ukraine

In response to Russia’s war in Ukraine,

legislature passed the Prohibiting Russian Uranium Imports Act (H.R.

1042) to ban Russian uranium imports into the United States.

Unanimous passage in April 2024 by the U.S.

Senate followed the U.S.

House of Representatives’ passage of

the bill in December 2023.

House of Representatives’ passage of the bill in December

Subsequently, on May 13, 2024, President Biden signed this legislation into law.

The ban became effective

90 days after its enactment on August 11, 2024 and was phased in under Department of Energy conditional waivers before becoming a complete

ban on January 1, 2028.

The ban became effective 90 days after its enactment

on August 11, 2024 and is being phased in under Department of Energy conditional waivers before becoming a complete ban on January 1,

Importantly, the enactment of a Russian ban releases funding to support the American nuclear supply chain.

funding was deployed by the DOE under a new program called the Low-Enriched Uranium (LEU) – Enrichment Acquisition.

States has the world’s largest civilian nuclear reactor fleet, and it has now taken steps to reduce its reliance on state-sponsored

Russian nuclear fuel.

Response to Uranium Ban

On May 14, 2024, the day following the ban enactment, Bloomberg reported that Russia had responded

with TENEX issuing force majeure notices to U.S.

This funding was deployed

by the DOE under a new program called the Low-Enriched Uranium (LEU) – Enrichment Acquisition.

The United States has the world’s

largest civilian nuclear reactor fleet, and it has now taken steps to reduce its reliance on state-sponsored Russian nuclear fuel.

In November 2024, in response to the U.S.

on Russian uranium imports, Russia imposed a counter restriction on the export of enriched uranium to the United States.

This was designed

to create maximum uncertainty through its implementation on a shipment-by-shipment basis.

Also in December 2024, Russia’s national

nuclear company sold a 49% minority stake in a joint venture in a Kazakhstan uranium mine to a Chinese state-owned company.

It was reported

that this was done due to difficulties selling uranium to European or North American buyers due to sanctions recently imposed upon Russia.

The war in Ukraine is ongoing and it is unclear

at this time when and how it will end but the parties have commenced negotiations under the guidance of the Trump Administration.

the early days of the new administration, President Trump appeared to be more open toward Russia’s interests, which caused concern

from traditional European allies.

Recently, the Trump’s Administration position regarding the war in Ukraine has become more balanced.

The earlier embrace of Russia negatively impacted the prices of uranium equities and physical uranium commodities during 2025.

At this point there is less than two years

until the complete ban goes into effect on January 1, 2028.

The supply/demand imbalance is increasingly being highlighted as is the

recognition that supply is becoming increasingly tight as secondary supplies are being depleted.

In recognition of new production

lead times, the Trump Administration is taking actions to support the U.S.

domestic fuel cycle.

During August 2025, DOE’s

Office of Nuclear Energy established the Defense Production Act (DPA) Consortium.

It was announced that “Under the DPA

Consortium, voluntary agreements will allow industry consultation to develop action plans 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.” The first meeting of the DPA Consortium was held on

October 23, 2025 and the process is ongoing.

The DOE Office of Nuclear Energy has organized industry-specific committees to focus on

developing action plans to increase domestic capacity for mining, conversion, and enrichment to reduce reliance on foreign fuel

Western is a member of the Mining & Milling Committee.

Russian Response to Uranium Ban

On May 14, 2024, the day following the ban enactment,

Bloomberg reported that Russia had responded with TENEX issuing force majeure notices to U.S.

utility customers.

TENEX is the subsidiary of Rosatom, the state nuclear energy corporation,

and the entity through which U.S.

counterparties contract for Russian uranium product imports into the United States.

TENEX is the subsidiary

of Rosatom, the state nuclear energy corporation, and the entity through which U.S.

counterparties contract for Russian uranium product

imports into the United States.

The TENEX force majeure notices required U.S.

customers to secure waivers

within 60 days that exempt them from the new U.S.

Russian uranium ban or risk being moved to the back of the line for uranium deliveries

if they are granted a waiver later.

TENEX’s notice was based on their intention to honor their contracts, but they acknowledge this

could be overridden by the Kremlin.

This deadline has now passed and the DOE is currently granting waivers to the ban.

Multiple waivers

have been partially or fully approved, however the details are not in the public domain.

On May 21, 2024, the DOE published their process and instructions for

requesting a waiver.

The waiver process does not appear restrictive and will likely allow most of the previously contracted Russian material

into the United States prior to January 1, 2028.

legislative intentions were to deprive Russia of the revenue associated with

purchases of Russian nuclear fuel and counter Russia’s control of the global nuclear fuel cycle by flooding U.S.

and international

markets with state-supported Russian uranium and services.

customers to secure waivers within 60 days that exempt them from the new U.S.

Russian uranium ban or risk being moved to the back of

the line for uranium deliveries if they are granted a waiver later.

TENEX’s notice was based on their intention to honor their

contracts, but they acknowledge this could be overridden by the Kremlin.

This deadline has now passed and the DOE is currently granting

waivers to the ban.

Multiple waivers have been partially or fully approved, however the details are not in the public domain.

On May 21, 2024, the DOE published their process

and instructions for requesting a waiver.

The waiver process does not appear restrictive and will likely allow most of the previously

contracted Russian material into the United States prior to January 1, 2028.

legislative intentions were to deprive Russia of

the revenue associated with U.S.

purchases of Russian nuclear fuel and counter Russia’s control of the global nuclear fuel cycle

by flooding U.S.

and international markets with state-supported Russian uranium and services.

We continue to believe the shift away from Russia/Rosatom

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These are resulting in extensions to operating lives, a large number of nuclear

reactors under construction, new builds, investments in next generation nuclear technology, and in Japan, increased urgency to re-start

the nuclear reactor fleet.

reactors under construction, new builds, investments in next generation nuclear technology, and in Japan, to accelerate the re-start

of the nuclear reactor fleet.

Additionally with the rapid expansion of artificial intelligence (AI) the demand for electricity is surging,

particularly to power energy-intensive data centers.

This increase in electricity consumption is driving greater reliance on nuclear power,

a reliable energy source, thereby strengthening the demand for uranium as a critical fuel for nuclear reactors.

This increase in electricity consumption is driving greater reliance on nuclear

power, a reliable energy source, thereby strengthening the demand for uranium as a critical fuel for nuclear reactors.

The uranium market has historically been highly

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are inventories of uranium not publicly available for sale, which are primarily held by utility companies and governments.

The sharp price

increase was driven in part by high levels of buying by utility companies, which resulted in most utilities covering their requirements

price increase was driven in part by high levels of buying by utility companies, which resulted in most utilities covering their requirements

through 2009.

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level to over $100/lb in January 2024.

Since January 2024, spot uranium had a slow decline from a high of $100/lb level to $64/lb level

at the end of March 2025.

Geopolitical events, technological advances, and the nuclear energy

growth path provide favorable pricing factors specific to the uranium industry.

As a result, we foresee a uranium pricing environment

which in the coming years will allow Western to initiate full-scale production at its best properties.

As a result, Western made the largest

investments in the Company’s history during 2024, advancing its operational strategy and mining operations.

Spot uranium then declined into a 2025 trading range of $64/lb to $78/lb through August 2025.

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

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

nuclear power and the U.S.

domestic fuel

cycle, which rallied uranium equity markets.

In January 2026, uranium spot prices spiked closing above $100/lb for 2 days and above $90/lb

After this short lived rally was over spot prices declined and settled into the $80/lb range.

The uranium price trend is strong.

Over the five year period from 2020 to 2025, both spot and term prices have moved up from the $30/lb range to the $80/lb range.

Geopolitical events, technological advances,

and the nuclear energy growth path provide favorable pricing factors specific to the uranium industry.

As a result, we foresee a uranium

pricing environment which in the coming years will allow Western to initiate full-scale production at its best properties.

Western made the largest investments in the Company’s history during 2024, advancing its operational strategy and mining operations.

Nuclear Fuel and Uranium Market Conditions

During the year ended December 31, 2024, the spot uranium price decreased

$18 from $91 to ~$73.

Notably, the long-term price increased from $68 to ~$81 during a period of rising conversion and enrichment services

However, this follows an extremely strong period in the market where spot uranium prices have reacted to supply/demand constraints

and geopolitical risks.

Since January 2024, spot uranium had a slow decline from a high of $100/lb level to $64/lb level at the end of

The events of 2022 set in motion uranium market and nuclear fuel opportunities for the next decade and beyond.

There are positive

catalysts across multiple levels of the nuclear fuel and uranium markets.

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 August 2025.

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

2026, uranium spot prices spiked closing above $100/lb for 2 days and above $90/lb for 5 days.

After this short lived rally was over spot

prices declined and settled into the $80/lb range.

The uranium price trend is strong.

Over the five year period from 2020 to 2025, both

spot and term prices have moved up from the $30/lb range to the $80/lb range.

Beginning in 2023, 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 beyond.

Underlying fundamentals are the strongest in decades.

attributable to multiple factors, including climate change, energy security, supply chain and energy scarcity initiatives.

is attributable to multiple factors, including climate change, energy security, supply chain and energy scarcity initiatives.

The supply/demand

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largest suppliers.

We believe uranium equity prices will continue to strengthen and reflect the underlying positive fundamentals in the

nuclear/uranium sector.

In spite of all these favorable attributes, spot uranium prices have declined in 2025 versus 2024 levels, as have the

equities of junior uranium miners.

We anticipate that both will rebound to reflect the underlying positive fundamentals in the nuclear/uranium

Multiple market analysts have flagged low availability of mobile secondary inventories.

We believe the continued

draw down of inventories to be a market catalyst for uranium prices.

We believe the continued draw down of

inventories to be a market catalyst for uranium prices.

Positive nuclear energy news has continued to

highlight the global growth of future nuclear electricity generation which will drive increased nuclear fuel demand.

In terms of future

supply, utility contracting has continued into 2024, and some uranium mining companies are moving toward restarting production.

due to the lead time needed for future uranium production, we are entering a phase where the supply-demand fundamentals are in a deep

multi-year structural supply deficit.

The future is not clear as we believe some miners with available near-term production are waiting

for higher price levels and/or project funding before making full start-up commitments.

Utilities are also deferring contracting to understand

how regulations and geopolitics will modify their future access to Russian uranium, conversion and enrichment services.

In the second quarter of 2024, investors began

purchasing nuclear and uranium equities as a means to create long exposure for their positive view on Artificial Intelligence (AI), due

to the vast energy requirements of data centers.

Recent transactions have been announced as tech giants Microsoft, Amazon, and Google

have sought deals to source nuclear power for their data centers from full scale reactors and SMRs.

Microsoft most prominently signed

an agreement with Constellation Energy to restart a Three Mile Island reactor in Pennsylvania and purchase 100% of the power generated

for two decades.

However, due to

the lead time needed for future uranium production, we are entering a phase where the supply-demand fundamentals are in a deep multi-year

structural supply deficit.

The future is not clear as we believe some miners, like ourselves, with available near-term production are

waiting for higher price levels and/or project funding before making full start-up commitments.

Utilities have also deferred contracting

to understand how regulations and geopolitics will modify their future access to Russian uranium, conversion and enrichment services.

However, with increasing geopolitical uncertainties, the issues of security of supply and tightening supplies have become more important.

Nuclear Fuel Supply Chain Concentration

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and enrichment are being addressed slowly by governments as alternative suppliers are not currently available.

Both Urenco and Orano have

announced that they will invest to expand their uranium enrichment capacity respectively in the United States and France, which represents

a shift away from Russia.

Both Urenco and Orano

have announced that they will invest to expand their uranium enrichment capacity respectively in the United States and France, which

represents a shift away from Russia.

Utilities are demonstrating their desire for increased security of their nuclear fuel supply chains.

is also a concern because the world’s largest uranium producing country has an unguarded and the second longest continuous land

border in the world shared with Russia.

Kazakhstan is also a concern because the world’s largest uranium producing country has an unguarded and the second longest continuous

land border in the world shared with Russia.

The potential exists for Russia to exert influence over Kazakhstan.

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has put large long-term contracts in place with China.

This supply is needed for China to fulfill its 15 year plan to deploy 150 new nuclear

This supply is needed for China to fulfill its 15 year plan to deploy 150 new

nuclear reactors.

China National Nuclear Corp.

(CNNC) has recently opened a uranium trading hub /warehouse facility, on the China / Kazakhstan

border, with the capacity to store 60 million pounds of uranium.

It has become evident that the nuclear fuel supply chain has become increasingly

concentrated and interconnected in this very small area of the world.

Expanding Kazakhstan uranium exports to Russia and China significantly

reduces future supply for Western nuclear fuel buyers.

(CNNC) has recently opened a uranium trading hub and warehouse facility, on the China

/ Kazakhstan border, with the capacity to store 60 million pounds of uranium.

It has become evident that the nuclear fuel supply chain

has become increasingly concentrated and interconnected in this very small area of the world.

Expanding Kazakhstan uranium exports to

Russia and China significantly reduces future supply for Western nuclear fuel buyers.

In July 2023, the government of Niger was overthrown

by its military.

This is significant because the new regime is opposed to Western interests and this landlocked West African country holds

the 7th largest uranium resource in the world and was producing about 5% of global production.

The conflict has an anti-French sentiment,

and the Junta has initiated multiple actions that are counter to French interests.

Most importantly, Niger’s Junta has threatened

the export of uranium to France which has serious implications because France acquires 20% of its natural uranium from Niger.

to the French evacuating/ being expelled from Niger, the U.S.

This is significant because the new regime is opposed to Western interests and this landlocked West African country

holds the 7th largest uranium resource in the world and was producing about 5% of global production.

The conflict has an anti-French

sentiment, and the Junta has initiated multiple actions that are counter to French interests.

Most importantly, Niger’s Junta has

threatened the export of uranium to France which has serious implications because France acquires 20% of its natural uranium from Niger.

In addition to the French evacuating/ being expelled from Niger, the U.S.

military also departed the country.

The Junta is utilizing Russian military

support as a replacement.

In addition, the Niger government has revoked operating permits from foreign uranium companies, including Orano

in June 2024 and Goviex in July 2024.

In November 2024, Orano further reported that it had lost operational control, to authorities in

Niger, of another of its uranium mines.

This mine was in production, but had been impacted by export restrictions imposed by the Junta.

During October 2023, geopolitical instabilities spread further to the

Middle East after a Hamas attack on Israel triggered a counterattack by Israel on the Gaza Strip.

The Israel-Hamas hostilities escalated

over the Summer of 2024 and then spread to other countries in the Middle East.

At the beginning of 2025, Israel and Hamas agreed to a

ceasefire which ended in March 2025.

Hostilities resumed in March and it’s not clear when and if the combatants will be able to

negotiate a new ceasefire or an end to military actions.

This additional hot spot further increases volatility in the world and destabilizes

the Middle East region that is highly influential on global energy prices.

The Junta is utilizing

Russian military support as a replacement.

In addition, the Niger government has revoked operating permits from foreign uranium companies,

including Orano in June 2024 and Goviex in July 2024.

In November 2024, Orano further reported that it had lost operational control,

to authorities in Niger, of another of its uranium mines.

This mine was in production, but had been impacted by export restrictions imposed

by the Junta.

During October 2023, geopolitical instabilities

spread further to the Middle East after a Hamas attack on Israel triggered a counterattack by Israel on the Gaza Strip.

This additional

hot spot further increases volatility in the world and destabilizes the Middle East region that is highly influential on global energy

The Israel-Hamas hostilities have escalated over the Summer of 2024 and then spread to other countries in the Middle East.

the beginning of 2025, Israel and Hamas agreed to a ceasefire which ended in March 2025;

the hostilities resumed in March and it is not

clear when and if the combatants will be able to negotiate a new ceasefire or an end to military actions.

In August 2025, the Israeli

Prime Minister spoke of Israel’s intention to take control of the entire Gaza Strip and said that he will be seeking backing from

Israeli government ministers.

On June 13, 2025, Israel attacked key nuclear and military facilities in Iran with Iranian military responding

with attacks on Israel soon after.

The conflict escalated quickly, which raised significant concerns for the stability of the region and

oil prices increased sharply in the first days of the war.

On June 22, 2025, the United States military bombed a number of Iranian nuclear

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

President Trump presented a 20-point

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

resulted in a hostage-prisoner exchange in October 2025, when the remaining living Israeli hostages were released and exchanged for almost

2,000 Palestinian prisoners and detainees held by Israel.

The hope is for a Gaza governance plan that will result in a lasting ceasefire;

negotiations are ongoing.

After failed diplomatic negotiations, on February 28, 2026, the United

States and Israel launched a joint operation against Iran.

This new conflict has caused shipping traffic disruptions in the Strait of

Hormuz which are increasing energy prices and having a negative impact on world markets overall.

A large portion of the Middle East daily

oil production is transported through the Strait of Hormuz.

This has further implications for energy-importing nations as their uranium

buyers are more focused on domestic security and away from regional logistical risks.

Among those at risk of an Iranian strike in Central

Asia is Kazakhstan, the largest producer of uranium.

In addition, Kazakhstan’s future uranium contracts and sales are increasingly

going to Russia, China, and India, and thus won’t be available to North American uranium buyers.

With the exception of the Hansen/Taylor Deposit,

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steelmaking, aerospace, stationary energy storage, batteries, and chemicals.

When a very small amount of vanadium is added to steel, the hardening

effect greatly increases its strength.

And while steelmaking accounts for roughly 90% of all vanadium currently consumed, it is estimated

that vanadium is only used in about 9% of all steels today.

After steelmaking, the second largest market for vanadium is that of catalysts

and chemical applications.

A significant new source of demand for vanadium is from vanadium redox flow batteries (VRFB) as their adaptation

grows with the stationary storage market.

When a very small amount of vanadium is added

to steel, the hardening effect greatly increases its strength.

And while steelmaking accounts for roughly 90% of all vanadium currently

consumed, it is estimated that vanadium is only used in about 9% of all steels today.

After steelmaking, the second largest market for

vanadium is that of catalysts and chemical applications.

A significant new source of demand for vanadium is from vanadium redox flow

batteries (VRFB) as their adaptation grows with the stationary storage market.

In 2018 there was structural change in the vanadium

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closing of dirty processes in which vanadium was recovered as a byproduct.

These policy changes caused a shortage and led to a surge in

vanadium prices to all-time highs during the fourth quarter of 2018.

Vanadium closed on December 31, 2018 at $23.15, but owing to a Chinese

extension in the implementation of the new rebar standard, prices plunged to close on December 31, 2019 at $5.25.

Notably, the substantial

price appreciation in vanadium delayed the adaptation of VRFB applications as these batteries were no longer considered to be cost competitive.

These policy changes caused a shortage and led to a surge

in vanadium prices to all-time highs during the fourth quarter of 2018.

Vanadium closed on December 31, 2018 at $23.15, but owing to

a Chinese extension in the implementation of the new rebar standard, prices plunged to close on December 31, 2019 at $5.25.

the substantial price appreciation in vanadium delayed the adaptation of VRFB applications as these batteries were no longer considered

to be cost competitive.

A Section 232 National Security Investigation

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During the first quarter of 2026, vanadium

prices further declined to $5.40.

Cyclical business activities and its principal product use as a steel hardener has seen a softening

in demand, resulting in a decline in the price of vanadium.

Uranium Section 232 Investigation/Nuclear

Fuel Working Group Process

An investigation under Section 232 of the Trade Expansion Act of 1962

was undertaken by the DoC in 2018 to assess the impact to national security of the importation of the vast majority of uranium utilized

by the approximately 100 operative civilian nuclear reactors within the United States.

In response to the Section 232 report, the White

House disseminated a Presidential Memorandum in July 2019.

At that time, President Trump formed the Nuclear Fuel Working Group (“NFWG”)

to find solutions for reviving and expanding domestic nuclear fuel production and reinvigorating recommendations.

In April 2020, the DoE released the NFWG report

entitled “Restoring America’s Competitive Nuclear Energy Advantage – A strategy to assure U.S.

national security.”

The report outlines a strategy for the reestablishment of critical capabilities and direct support to the front end of the U.S.

nuclear fuel cycle.

The undertaking of some NFWG findings and recommendations was a positive outcome for the U.S.

nuclear industry and

uranium miners.

The Russian Suspension Agreement was extended

for an additional 20 years until 2040.

Existing categories of quotas on imports of Russian uranium into the U.S.

were reduced by a graduated

scale, and additional provisions were modified to eliminate loopholes.

In July 2021, the uranium Section 232 report was

publicly released.

The report concluded that uranium imports were “weakening our internal economy” and “threaten to

impair the national security” and recommended immediate actions to “enable U.S.

producers to recapture and sustain a market

share of U.S.

uranium consumption”.

The Russian invasion of Ukraine has fast tracked

the Uranium Reserve Program.

On May 5, 2022, the U.S.

Secretary of Energy, Jennifer Granholm, testified before the Senate Committee on

Energy and Natural Resources that the DoE “would make direct purchases of domestically mined and converted uranium this calendar

year to establish a strategic uranium reserve”.

Secretary Granholm stated that “We should not be sending any money to Russia

for any American energy or for any other reason,” and “if we move away from Russia right away, we want to make sure we have

the ability to continue to keep the fleet afloat.” To accomplish this, she further disclosed that the DoE was “developing

a full-on uranium strategy that’s going through the interagency process.”

Subsequently in June 2022, the U.S.

Department of Energy (“DOE”)

released program guidelines to initiate purchases of up to $75 million of U.S.

domestic origin uranium inventory from existing storage

at the Honeywell Metropolis Works uranium conversion facility in Metropolis, Illinois.

The DOE awarded contracts in December 2022 for

the purchase of 1,100,000 lbs of uranium that were delivered in the first quarter of 2023.

Five uranium companies disclosed receiving

contract awards within a price range from $59.50 to $70.50 per pound.

Western did not hold qualifying inventory, and as such did not submit

a bid proposal.

An expansion of the U.S.

Uranium Reserve program continues to be discussed.

As originally proposed, the program contemplated

$150M in annual purchases for a 10 year period which would aggregate to $1.5 billion over its lifetime.

prices increased to $5.43.

Cyclical business activities impact price as its principal product use is as a steel hardener.

There is global competition for uranium/vanadium

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In the production and marketing of uranium and vanadium, there are a number of producing

entities globally, some of which are government controlled and several of which are significantly larger and better capitalized than we

Several of these organizations also have substantially greater financial, technical, manufacturing and distribution resources than

entities globally, some of which are government controlled and several of which are significantly larger and better capitalized than

Several of these organizations also have substantially greater financial, technical, manufacturing and distribution resources

than we have.

Our future uranium production may also compete

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(“ISR”) facilities.

Western aims to possess a strategic advantage by completing the construction

of its own uranium and vanadium mill during 2029.

The Company will have its own mining teams, equipment and infrastructure, which will

dramatically reduce its operational costs and increase margin.

Moreover, by using Kinetic Separation, we expect the cost of production

of uranium to be reduced by approximately 40%.

Western aims to possess a strategic advantage

by completing the construction of its own uranium and vanadium mill during 2029.

The Company will have its own mining teams, equipment

and infrastructure, which will dramatically reduce its operational costs and increase margin.

Moreover, by using Kinetic Separation,

we expect the cost of production of uranium to be reduced by approximately 40%.

With respect to sales of uranium, the Company

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United States

Uranium extraction is regulated by the federal

government, states and, in some cases, by Native American tribes.

Compliance with such regulation has a material effect on the economics

of our operations and the timing of project development.

Our primary regulatory costs have been related to obtaining licenses and permits

from federal and state agencies before the commencement of production activities.

The environmental regulatory requirements for the ISR

industry are well established.

Many ISR projects have gone a full life cycle without any significant environmental impact.

process can make environmental permitting difficult and timing unpredictable.

Western does not plan to utilize an ISR mining process on

its properties.

Uranium extraction is predominantly regulated

by the federal government and states, and, in some cases, by Native American tribes and counties.

Compliance with such regulation has

a material effect on the economics of our operations and the timing of project development.

Our primary regulatory costs have been related

to obtaining licenses and permits from federal and state agencies before the commencement of production activities.

The environmental

regulatory requirements for the ISR industry are well established.

Many ISR projects have gone a full life cycle without any significant

environmental impact.

However, the process can make environmental permitting difficult and timing unpredictable.

Western does not plan

to utilize an ISR mining process on its properties.

Mining Permits are disclosed on a per mine basis

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the applicable regulatory authorities.

The asset retirement obligation liability represents the Company’s best estimate of the present

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

The Company determined the gross asset retirement obligations

as of December 31, 2024 of the mineral properties to be $1,163,978.

The asset retirement obligation liability represents the Company’s best estimate of the

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

The Company determined the gross asset retirement

obligations as of December 31, 2025 of the mineral properties to be $1,187,553.

The Company is required by state regulatory agencies

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bonds issued for the benefit of the Company in the amount of $1,187,553 to satisfy such regulatory requirements as of December 31, 2025.

As of December 31, 2024, we had 32 full-time employees.

As of December 31, 2025, we had 16 full-time

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 1. Business