What changed in this filing

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Item 1A. Risk Factors

2026-04-15 compared with 2025-04-15 · 290 added, 272 removed, 448 unchanged (56% of the section changed)

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monetize the uranium and vanadium processed at our mill on a profitable basis, and can then leverage those proceeds to finance further

mining activities and to acquire and finance additional reserves, all in spite of potentially significant fluctuations in the market prices

of uranium and vanadium.

mining activities and to acquire and finance additional reserves, all in spite of potentially significant fluctuations in the market

prices of uranium and vanadium.

We expect to generate operating losses for the

next several years as we incur expenses to further expand our mining operations at our Sunday Mine Complex, including acquiring additional

mining equipment, adding to the mining team and scaling up mining operations, as wells as the for the permitting and construction of our

mineral processing facility.

mining equipment, adding to the mining team and scaling up mining operations, as wells as the for the permitting and construction of

our mineral processing facility.

During the year ended December 31, 2025, we generated a net loss of $7,175,923.

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

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

Kinetic Separation technology, to scale up its mining operations at Sunday Mine Complex, to construct its own mineral processing mill

that is expected to be licensed to utilize Kinetic Separation, and to initiate the processing of ore to generate operating cash flows.

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

its Kinetic Separation technology, to scale up its mining operations at Sunday Mine Complex, to construct its own mineral processing

mill that is expected to be licensed to utilize Kinetic Separation, and to initiate the processing of ore to generate operating cash

If we cannot access additional sources of private

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Evaluating our future performance may be

difficult since we have a limited financial and operating history, with significant negative cash flow and an accumulated deficit to date.

Furthermore, there is no assurance that we will be successful in securing additional sources of capital sufficient to support our planned

As such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund our planned

operations over the next twelve months.

Our long-term success will depend ultimately on our ability to raise additional capital, to achieve

and maintain operational profitability and to develop positive cash flows from our mining activities.

As more fully described within this annual

report, we acquired our first mineral properties in November of 2014.

To date, we have been acquiring additional mineral properties

and raising capital.

difficult since we have a limited financial and operating history, with significant negative cash flow and an accumulated deficit to

Furthermore, there is no assurance that we will be successful in securing additional sources of capital sufficient to support our

planned operations.

As such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund

our planned operations over the next twelve months.

Our long-term success will depend ultimately on our ability to raise additional capital,

to achieve and maintain operational profitability and to develop positive cash flows from our mining activities.

As more fully described within this annual report,

we acquired our first mineral properties in November of 2014.

To date, we have been acquiring additional mineral properties and raising

We hold uranium projects in various stages of exploration in the states of Colorado and Utah.

In addition, in

July 2023, we announced our plans to permit and develop a mill for the processing of uranium and vanadium.

In addition, in July 2023, we

announced our plans to permit and develop a mill for the processing of uranium and vanadium.

As more fully described under “Liquidity

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capital of $5,384,164 and $5,240,584, respectively.

The continuation of the Company as a going concern is dependent upon our ability to

obtain adequate additional financing.

However, there is no assurance that we will be successful in securing any form of additional financing

in the future;

therefore, substantial doubt exists as to whether our cash resources and working capital will be sufficient to enable the

Company to continue its operations over the next twelve months.

The consolidated financial statements for the years ended December 31,

2024 and 2023 were prepared assuming that the Company would continue as a going concern.

The consolidated financial statements do not

include any adjustments that might result from the outcome of this uncertainty.

The continuation of the Company as a going concern is dependent upon our ability

to obtain adequate additional financing.

However, there is no assurance that we will be successful in securing any form of additional

financing in the future;

therefore, substantial doubt exists as to whether our cash resources and working capital will be sufficient

to enable the Company to continue its operations over the next twelve months.

The consolidated financial statements for the years ended

December 31, 2025 and 2024 were prepared assuming that the Company would continue as a going concern.

The consolidated financial statements

do not include any adjustments that might result from the outcome of this uncertainty.

Our reliance on equity and debt financings is

expected to continue for the foreseeable future.

The availability of such funds whenever such additional financing is required, will be

dependent on many factors beyond our control, including, but not limited to, the market price of uranium, the continuing public support

The availability of such funds whenever such additional financing is required, will

be dependent on many factors beyond our control, including, but not limited to, the market price of uranium, the continuing public support

of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price

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(v) significantly lower than expected uranium extraction;

(vi) significant delays, reductions or

stoppages of uranium extraction activities;

(vi) significant delays, reductions

or stoppages of uranium extraction activities;

and (vi) the introduction of significantly more stringent regulatory laws and regulations.

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In the absence of such additional financing,

we would not be able to fund our operations, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.

we would not be able to fund our operations, which may result in delays, curtailment or abandonment of any one or all of our uranium

Uranium/vanadium exploration and pre-extraction

programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly

from expectations or anticipated amounts.

Furthermore, exploration programs conducted on our uranium/vanadium projects may not result

in the establishment of ore bodies that contain commercially recoverable uranium/vanadium.

Uranium/vanadium exploration and

pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, many beyond

our control, including, but not limited to:

programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ

significantly from expectations or anticipated amounts.

Furthermore, exploration programs conducted on our uranium/vanadium projects

may not result in the establishment of ore bodies that contain commercially recoverable uranium/vanadium.

Uranium/vanadium exploration and pre-extraction

programs and mining activities are inherently subject to numerous significant risks and uncertainties, many beyond our control, including,

but not limited to:

(i) unanticipated ground and water conditions and adverse claims to water rights;

unusual or unexpected geological formations;

(ii) unusual or unexpected geological

(iii) metallurgical and other processing problems;

(iv) the occurrence of unusual

weather or operating conditions and other force majeure events;

(iv) the occurrence of unusual weather or operating conditions and other

force majeure events;

(v) lower than expected ore grades;

(vi) industrial accidents;

delays in the receipt of or failure to receive necessary government permits;

(vii) delays in the receipt of or failure to receive

necessary government permits;

(viii) delays in transportation;

(ix) availability of

contractors and labor;

(x) government permit restrictions and regulation restrictions;

(xi) unavailability of materials, equipment

and milling facilities;

and (xii) the failure of equipment or processes to operate in accordance with specifications or

expectations.

These risks and uncertainties could result in delays, reductions or stoppages in our mining activities;

capital and/or extraction costs;

damage to, or destruction of, our mineral projects, extraction facilities or other properties;

(ix) availability of contractors and labor;

(x) government permit restrictions

and regulation restrictions;

(xi) unavailability of materials, equipment and milling facilities;

and (xii) the failure of equipment or

processes to operate in accordance with specifications or expectations.

These risks and uncertainties could result in delays, reductions

or stoppages in our mining activities;

increased capital and/or extraction costs;

damage to, or destruction of, our mineral projects,

extraction facilities or other properties;

personal injuries;

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Success in uranium/vanadium exploration is dependent

on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological

expertise and the availability of sufficient funds to conduct the exploration program.

Even if an exploration program is successful and

commercially recoverable uranium/vanadium is established, it may take a number of years from the initial phases of drilling and identification

on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of

geological expertise and the availability of sufficient funds to conduct the exploration program.

Even if an exploration program is successful

and commercially recoverable uranium/vanadium is established, it may take a number of years from the initial phases of drilling and identification

of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the

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uranium/vanadium depends on many factors including, without limitation:

(i) the particular attributes, including material changes to those

attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure;

(ii) the market price of uranium, which

may be volatile;

and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental

protection, permitting and land use, taxes, land tenure and transportation.

(i) the particular attributes, including material changes to

those attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure;

(ii) the market price of uranium,

which may be volatile;

and (iii) government regulations and regulatory requirements including, without limitation, those relating to

environmental protection, permitting and land use, taxes, land tenure and transportation.

We have established the existence of mineralized

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However, we have not established any measured, indicated or inferred mineral resources or any proven

or probable reserves through the completion of a feasibility study for any of our uranium properties and we have no current plans to seek

to do so, as it would not serve a business purpose at the present time.

Furthermore, we have no current plans to establish proven or probable

reserves for any of our uranium properties as it doesn’t serve a business purpose at the present time.

or probable reserves through the completion of a feasibility study for any of our uranium properties and we have no current plans to

seek to do so, as it would not serve a business purpose at the present time.

Furthermore, we have no current plans to establish proven

or probable reserves for any of our uranium properties as it doesn’t serve a business purpose at the present time.

Because the number of mills permitted for

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Company’s business activities.

The practice of selling uranium/vanadium ore without first processing into yellowcake (U3O8) or Vanadium

Pentoxide (V2O5) would likely generate lower revenues.

The practice of selling uranium/vanadium ore without first processing into yellowcake (U3O8) or

Vanadium Pentoxide (V2O5) would likely generate lower revenues.

Because the number of mills permitted for

processing of uranium and vanadium is very limited, we have determined that we will seek a permit and then construct our own uranium and

vanadium ore processing facility.

The capital required and risks involved in such an endeavor could negatively affect our ability to do

processing of uranium and vanadium is very limited, we have determined that we will seek a permit and then construct our own uranium

and vanadium ore processing facility.

The capital required and risks involved in such an endeavor could negatively affect our ability

to do business.

The construction of facilities for the processing

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may not be available for investments in the front-end of the nuclear fuel cycle.

If we are not able to address these risks and build a

processing plant/mill then, we would need to arrange with a third party for conventional milling services.

It may be difficult for the

Company to gain access to a third party’s mill on favorable terms, or at all.

If we are not able to address these risks and build

a processing plant/mill then, we would need to arrange with a third party for conventional milling services.

It may be difficult for

the Company to gain access to a third party’s mill on favorable terms, or at all.

This could result in increased costs and/or significant

delays in, interruption of, or cessation of the Company’s business activities.

Our ability to realize anticipated

benefits of the Kinetic Separation process is subject to uncertainties associated with that process.

Our ability to realize anticipated benefits

of the Kinetic Separation process is subject to uncertainties associated with that process.

In order to utilize Kinetic Separation to process

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There are substantial costs and risks associated with both of these alternatives.

The Company is

open to continuing to seek an alternative path forward that would allow the use of Kinetic Separation either inside a uranium mine or

on the surface outside of the underground workings to further reduce transportation costs.

However, there is no assurance that such an

alternative approach will be approved for Western or other companies with comparable processes pursuing regulatory remedies.

is open to continuing to seek an alternative path forward that would allow the use of Kinetic Separation either inside a uranium mine

or on the surface outside of the underground workings to further reduce transportation costs.

However, there is no assurance that such

an alternative approach will be approved for Western or other companies with comparable processes pursuing regulatory remedies.

In addition, although the Company has conducted

initial tests of its Kinetic Separation technology with what appear to be positive results, those results have not been validated by a

qualified person.

initial tests of its Kinetic Separation technology with what appear to be positive results, those results have not been validated by

a qualified person.

We do not insure against all of the risks

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the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks.

success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for

any such acquisition, and integrate the acquired operations successfully with those of our Company.

Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms

for any such acquisition, and integrate the acquired operations successfully with those of our Company.

Any acquisitions would be accompanied

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standards, policies and controls across the organization;

the integration of the acquired business or assets may disrupt our ongoing business

and our relationships with employees, customers, suppliers and contractors;

and the acquired business or assets may have unknown liabilities

which may be significant.

In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased.

the integration of the acquired business or assets may disrupt our ongoing

business and our relationships with employees, customers, suppliers and contractors;

and the acquired business or assets may have unknown

liabilities which may be significant.

In the event that we choose to raise debt capital to finance any such acquisition, our leverage

will be increased.

If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution.

Alternatively, we may choose

to finance any such acquisition with our existing resources.

There can be no assurance that we would be successful in overcoming these

risks or any other problems encountered in connection with such acquisitions.

Alternatively,

we may choose to finance any such acquisition with our existing resources.

There can be no assurance that we would be successful in overcoming

these risks or any other problems encountered in connection with such acquisitions.

The uranium industry is subject to numerous

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adverse effect on our operations.

Uranium exploration and pre-extraction

programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and

local levels.

These laws and regulations, which include permitting and reclamation requirements, regulate emissions, water storage

and discharges and disposal of hazardous wastes.

Uranium mining activities are also subject to laws and regulations which seek to

maintain health and safety standards by regulating the design and use of mining methods.

Various permits from governmental and

regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be

received in a timely manner.

Uranium exploration and pre-extraction programs

and mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and local levels.

These laws and regulations, which include permitting and reclamation requirements, regulate emissions, water storage and discharges and

disposal of hazardous wastes.

Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety

standards by regulating the design and use of mining methods.

Various permits from governmental and regulatory bodies are required for

mining to commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs including the posting of

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anticipated or cause substantial delays, which would have a material adverse effect on our operations.

To the best of our knowledge, our operations are

in compliance, in all material respects, with all applicable laws, regulations and standards.

We may not be able or may elect not to insure

against the risk of liability for violations of such laws, regulations and standards, due to high insurance premiums or other reasons.

Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk,

subject to exclusions and limitations.

However, we cannot provide any assurance that such insurance will continue to be available at reasonable

premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain or

amend rights, authorizations, licenses, permits or consents required for our operations.

To the best of our knowledge, our operations

are in compliance, in all material respects, with all applicable laws, regulations and standards.

We may not be able or may elect not

to insure against the risk of liability for violations of such laws, regulations and standards, due to high insurance premiums or other

Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against

such risk, subject to exclusions and limitations.

However, we cannot provide any assurance that such insurance will continue to be available

at reasonable premiums or that such insurance will be adequate to cover any resulting liability.

We may not be able to obtain, maintain

or amend rights, authorizations, licenses, permits or consents required for our operations.

Our exploration mining and planned uranium and

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requirements and closure plans that may change materially.

Any underestimated or unanticipated rehabilitation costs could materially affect

our financial position, results of operations and cash flows.

Environmental liabilities are accrued when they become known, are probable

and can be reasonably estimated.

Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation

cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated

net income in the related period.

Any underestimated or unanticipated rehabilitation costs could materially

affect our financial position, results of operations and cash flows.

Environmental liabilities are accrued when they become known, are

probable and can be reasonably estimated.

Whenever a previously unrecognized remediation liability becomes known, or a previously estimated

reclamation cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce

our consolidated net income in the related period.

The laws and regulations governing closure and

remediation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions

which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position or

results of operations.

which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position

or results of operations.

Major nuclear incidents may have adverse

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Public opinion of nuclear power as a source of electricity generation may be

adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or

abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion.

adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce

or abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion.

Any one of these occurrences

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will not be challenged.

No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and

tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter

such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments,

No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights

and tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly

alter such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments,

aboriginal peoples or other claimants.

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be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage

Due to the nature of our business, we may be subject

to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business.

The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon

many unknown factors.

We may be forced to expend significant resources in the defense of these suits, and we may not prevail.

against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming

for us and detract from our ability to fully focus our internal resources on our business activities.

The results of any legal proceeding

cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators,

judges and juries and the possibility that decisions may be reversed on appeal.

There can be no assurances that these matters will not

have a material adverse effect on our business, financial position or operating results.

Due to the nature of our business, we may be

subject to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course

of our business.

The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred

will depend upon many unknown factors.

We may be forced to expend significant resources in the defense of these suits, and we may not

Defending against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses,

but may become time-consuming for us and detract from our ability to fully focus our internal resources on our business activities.

results of any legal proceeding cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting

decisions of regulators, judges and juries and the possibility that decisions may be reversed on appeal.

There can be no assurances that

these matters will not have a material adverse effect on our business, financial position or operating results.

Competition from better-capitalized companies

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depend upon our ability to employ the services of geologists, engineers and other experts.

In operating our business and in order to continue

our programs, we compete for the services of professionals with other mineral exploration companies and businesses.

Our ability to maintain

and expand our business and continue our exploration programs may be impaired if we are unable to continue to employ or engage those parties

currently providing services and expertise to us or identify and engage other qualified personnel to do so in their place.

To retain key

personnel, we may face increased compensation costs, including potential new stock incentive grants and there can be no assurance that

the incentive measures we implement will be successful in helping us retain our key personnel.

In operating our business and in order to

continue our programs, we compete for the services of professionals with other mineral exploration companies and businesses.

to maintain and expand our business and continue our exploration programs may be impaired if we are unable to continue to employ or engage

those parties currently providing services and expertise to us or identify and engage other qualified personnel to do so in their place.

To retain key personnel, we may face increased compensation costs, including potential new stock incentive grants and there can be no

assurance that the incentive measures we implement will be successful in helping us retain our key personnel.

If we fail to maintain proper and effective

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consequences in its business, which may increase the cost of doing business.

The Company may not be able to structure its acquisitions

to result in tax-free treatment for the companies or their stockholders, which could deter third parties from entering into certain business

combinations with the Company or result in being taxed on consideration received in a transaction.

The Company may not be able to structure its

acquisitions to result in tax-free treatment for the companies or their stockholders, which could deter third parties from entering into

certain business combinations with the Company or result in being taxed on consideration received in a transaction.

Cyber incidents or cyberattacks directed

at us could result in information theft, data corruption, operational disruption and/or financial loss.

We depend on digital technologies, including

information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal.

Sophisticated

and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties

or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data.

As an early stage company without significant investments in data security protection, we may not be sufficiently protected against such

We may not have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to,

cyber incidents.

or cyberattacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

We depend on digital

technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with

which we may deal.

Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or

infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and

sensitive or confidential data.

As an early stage company without significant investments in data security protection, we may not be sufficiently

protected against such occurrences.

We may not have sufficient resources to adequately protect against, or to investigate and remediate

any vulnerability to, cyber incidents.

It is possible that any of these occurrences, or a combination of them, could have adverse consequences

on our business and lead to financial loss.

It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business

and lead to financial loss.

Our business, financial condition and results

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but not limited to, financial, energy, metals and mining, engineering and defense and defense-related materials sectors;

result in a decline

in the value and liquidity of Russian securities;

decline in the value and liquidity of Russian securities;

result in boycotts, tariffs, and purchasing and financing restrictions on Russia’s

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securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets;

other adverse consequences on the Russian government, economy, companies and region.

have other adverse consequences on the Russian government, economy, companies and region.

Further, several large corporations and U.S.

have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

A conflict erupted in the Middle East that has resulted in interruptions

to travel, shipping and logistics and creating escalated unrest in the region.

Any continuation or escalation of this conflict is likely

to result in further risks to the local and worldwide economy, not different from the interruptions discussed above related to the tensions

between Russia and Ukraine.

The ramifications of the hostilities and

sanctions discussed above may not be limited to Russia, Ukraine and the Middle East, as well as Russian, Ukrainian and Middle

East based companies and may spill over to and negatively impact other regional and global economic markets (including Europe and

the United States), companies in other countries (particularly those that have significant trade with Russia and Ukraine) and

on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas.

Accordingly, the

actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative

effects on regional and global economic markets, industries, and companies.

In addition, Russia may take retaliatory actions and

other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may

negatively impact such countries and companies.

states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

A conflict erupted in the Middle East that has

resulted in interruptions to travel, shipping and logistics and creating escalated unrest in the region.

Any continuation or escalation

of this conflict is likely to result in further risks to the local and worldwide economy, not different from the interruptions discussed

above related to the tensions between Russia and Ukraine.

The ramifications of the hostilities and sanctions

discussed above may not be limited to Russia, Ukraine and the Middle East, as well as Russian, Ukrainian and Middle East based companies

and may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies

in other countries (particularly those that have significant trade with Russia and Ukraine) and on various sectors, industries and

markets for securities and commodities globally, such as oil and natural gas.

Accordingly, the actions discussed above and the potential

for a wider conflict could increase financial market volatility and cause severe negative effects on regional and global economic markets,

industries, and companies.

In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage

against other countries and companies around the world, which may negatively impact such countries and companies.

The extent and duration of the military action

or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and

the result of any diplomatic negotiations cannot be predicted.

or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility,

and the result of any diplomatic negotiations cannot be predicted.

While we expect any direct impacts to our business

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In the case of a future pandemic or other widespread health emergency, quarantine or otherwise, requirements or circumstances may require

the Company to change the way it conducts its business and operations, including requiring the Company to reduce or cease operations at

some or all its facilities for an indeterminate period of time.

Furthermore, our critical supply chains may similarly be disrupted for

an indeterminate amount of time.

the Company to change the way it conducts its business and operations, including requiring the Company to reduce or cease operations

at some or all its facilities for an indeterminate period of time.

Furthermore, our critical supply chains may similarly be disrupted

for an indeterminate amount of time.

All these factors could have a material impact on the Company’s business, operations, personnel

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well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment

If these types of challenges occur, or if there is a material deterioration in general business and economic conditions, our operations

could be adversely impacted and the trading price of our securities could be adversely affected.

If these types of challenges occur, or if there is a material deterioration in general business and economic conditions, our

operations could be adversely impacted and the trading price of our securities could be adversely affected.

In the event of the occurrence of these global

risk events, our business could be severely impacted, including:

● interruption of key mining activities due to

limitations on travel, gathering, or business operations imposed or recommended by federal or state governments, employers and others.

● limitations in employee resources, including

because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people.

● delays in financial reporting and filings due

to the impact of mitigation efforts on staff and service providers

● changes in local regulations as part of a response

to a pandemic outbreak which may require us to change the ways in which mining is conducted, which may result in unexpected costs.

● delays in necessary interactions with regulators

and other important agencies and contractors due to limitations in employee resources or new procedures due to limitations otherwise imposed.

● reduction in the global demand for uranium and/or

vanadium due to reduced primary applications of uranium (nuclear power generation) and vanadium (steelmaking).

Changing global

and regional political and economic conditions, including changes in U.S.

laws and policies regulating international trade, including

the imposition of import tariffs, changes to regulations affecting cross-border trade and transactions, trade and other disputes between

the United States and other jurisdictions could adversely impact our business.

Recent political and economic shifts, both domestic and international,

may create uncertainty and pose risks to our operations and business.

Government policies related to protectionism, economic nationalism

and attitudes toward multinational corporations have recently resulted in, and could result in additional, regulatory changes, trade barriers,

or investment restrictions.

Additionally, international trade disputes – including tariffs, counter-tariffs, export controls,

sanctions and currency regulations – may increase costs, further disrupt supply chains, and have other negative impacts on our business

and operating models.

interruption of key mining

activities due to limitations on travel, gathering, or business operations imposed or recommended by federal or state governments,

employers and others.

limitations in employee

resources, including because of sickness of employees or their families or the desire of employees to avoid contact with large groups

delays in financial reporting

and filings due to the impact of mitigation efforts on staff and service providers

changes in local regulations

as part of a response to a pandemic outbreak which may require us to change the ways in which mining is conducted, which may result

in unexpected costs.

delays in necessary interactions

with regulators and other important agencies and contractors due to limitations in employee resources or new procedures due to limitations

otherwise imposed.

reduction in the global

demand for uranium and/or vanadium due to reduced primary applications of uranium (nuclear power generation) and vanadium (steelmaking).

Changing global and regional political

and economic conditions, including changes in U.S.

laws and policies regulating international trade, including the imposition of import

tariffs, changes to regulations affecting cross-border trade and transactions, trade and other disputes between the United States and

other jurisdictions could adversely impact our business.

Recent political and economic shifts, both domestic

and international, may create uncertainty and pose risks to our operations and business.

Government policies related to protectionism,

economic nationalism and attitudes toward multinational corporations have recently resulted in, and could result in additional, regulatory

changes, trade barriers, or investment restrictions.

Additionally, international trade disputes – including tariffs, counter-tariffs,

export controls, sanctions and currency regulations – may increase costs, further disrupt supply chains, and have other negative

impacts on our business and operating models.

Furthermore, market volatility, driven by shifts in U.S.

and foreign trade policies, fluctuating interest rates

or currency controls, may affect commodity prices, capital availability and investor confidence.

Even the perception of these risks could

lead to reduced investment, higher production and operating costs, and other operational challenges.

If such trends continue, they may

have a material adverse effect on our business and financial performance.

It is difficult to estimate the potential impact on our business.

To the extent these conditions adversely affect our business as discussed, they may also have the effect of heightening many of the

other risks described in this Item 1A such as those relating to cyber-security, supply chain, inflationary and other volatility in

prices of goods and materials, and the condition of the markets including as related to our ability to access additional capital, any

of which could negatively affect our business.

and foreign trade policies, fluctuating

interest rates or currency controls, may affect commodity prices, capital availability and investor confidence.

Even the perception of

these risks could lead to reduced investment, higher production and operating costs, and other operational challenges.

If such trends

continue, they may have a material adverse effect on our business and financial performance.

It is difficult to estimate the potential

impact on our business.

To the extent these conditions adversely affect our business as discussed, they may also have the effect

of heightening many of the other risks described in this Item 1A such as those relating to cyber-security, supply chain, inflationary

and other volatility in prices of goods and materials, and the condition of the markets including as related to our ability to access

additional capital, any of which could negatively affect our business.

Risks Related to Our Stock

43 unchanged sentences

an adverse impact on the trading and price of our securities and could result in the loss by investors of all or part of their investment.

The Company’s common share price may

The Company’s common share price

may be volatile.

The future trading price of the Company’s

1 unchanged sentence

The price of the common shares may be higher or lower than the price you

pay for your shares, depending on many factors, some of which are beyond the Company’s control and may not be directly related to

its operating performance.

pay for your shares, depending on many factors, some of which are beyond the Company’s control and may not be directly related

to its operating performance.

These factors include the following:

price and volume fluctuations in the overall stock market from time to time;

significant volatility in the market price and trading volume of securities of mineral exploration and mining companies;

changes in government regulations or regulatory policies with respect to mineral exploration and mining companies or in the status of our regulatory approvals;

actual or anticipated changes in earnings or fluctuations in operating results;

announcements by us or by our competitors of acquisitions or of new products, commercial relationships or capital commitments;

disruption to our operations or those of other contractors critical to our operations;

price and volume fluctuations

in the overall stock market from time to time;

significant volatility

in the market price and trading volume of securities of mineral exploration and mining companies;

changes in government regulations

or regulatory policies with respect to mineral exploration and mining companies or in the status of our regulatory approvals;

actual or anticipated changes

in earnings or fluctuations in operating results;

announcements by us or

by our competitors of acquisitions or of new products, commercial relationships or capital commitments;

disruption to our operations

or those of other contractors critical to our operations;

the emergence of new competitors;

commencement of, or our involvement in, litigation;

dilutive issuances of our common shares or the incurrence of additional debt;

adoption of new or different accounting standards;

general economic conditions and trends and slow or negative growth of related markets;

loss of a major funding source;

commencement of, or our

involvement in, litigation;

dilutive issuances of our

common shares or the incurrence of additional debt;

adoption of new or different

accounting standards;

general economic conditions

and trends and slow or negative growth of related markets;

loss of a major funding

departures of key personnel.

Due to the continued potential volatility of its

stock price, the Company may be the target of securities litigation in the future.

Securities litigation could result in substantial costs

and divert management’s attention and resources from the business.

Due to the continued potential volatility of

its stock price, the Company may be the target of securities litigation in the future.

Securities litigation could result in substantial

costs and divert management’s attention and resources from the business.

The sale of shares by our directors and

6 unchanged sentences

on our common shares.

We have never paid or declared any dividends on

our common shares or preferred stock.

We have never paid or declared any dividends

on our common shares or preferred stock.

Likewise, we do not anticipate paying dividends or distributions on our common shares.

1 unchanged sentence

on our earnings, our financial requirements for future operations and growth, and other facts as we may then deem appropriate.

Fluctuations in the market price of our

common shares are often outside the control of the Company and could materially impact securityholders’ investments in the Company

and the Company’s access to capital.

Market sentiment and trading in an issuer’s

shares can also be impacted by its inclusion in, or exclusion from, certain equity benchmarks and/or investable indices.

due to changes in an index’s eligibility requirements or falling below minimum thresholds, our common shares could be removed from an

ETF or similar vehicles based upon that underlying index.

This removal could have a negative impact on the market price of our common

shares, as certain shareholders who allocate investments according to that underlying index could be required to sell our common shares

for reasons that are unrelated to the Company’s operating results, underlying asset values or prospects.

Our Chief Executive Officer is our largest

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of Property Disclosures for Mining Registrants,” as codified in S-K 1300, created new disclosure requirements for mineral reserves

and mineral resources that create some ambiguity for issuers required to comply with both the requirements of S-K 1300 and NI 43-101 and

may result in increased compliance costs.

SEC Industry Guide 7 has been rescinded and replaced by S-K 1300, which

requires that we disclose specific information related to our material mining operations, including with particularity any mineral resources

and mineral reserves.

Although we have established the existence of mineralized materials on our uranium properties, we have not established

any measured mineral resources or any proven or probable reserves through the completion of a feasibility study for any of our uranium

properties and we have no current plans to seek to do so, as it would not serve a business purpose at the present time.

Nevertheless,

if in the future we were to seek to identify any measured mineral resources or to establish any proven or probable reserves, we would

be required to provide disclosure in that regard under both S-K 1300 and NI 43-101.

While S-K 1300 is substantively similar to NI 43-101

(with the primary difference being between the format required for an S-K 1300 technical report summary and the format required for an

NI 43-101 technical report), we would incur additional costs from having to comply with both sets of regulatory requirements, and since

S-K 1300 is potentially subject to unknown interpretations, the Company could be required to incur substantial additional costs associated

with compliance.

We cannot predict the nature of any future enforcement, interpretation, or application of S-K 1300.

Any further revisions

to, or interpretations of, S-K 1300 or NI 43-101 could result our company incurring unforeseen costs associated with compliance with both

of those disclosure regimes.

and mineral resources that create some ambiguity for issuers required to comply with both the requirements of S-K 1300 and NI 43-101

and may result in increased compliance costs.

SEC Industry Guide 7 has been rescinded and replaced

by S-K 1300, which requires that we disclose specific information related to our material mining operations, including with particularity

any mineral resources and mineral reserves.

Although we have established the existence of mineralized materials on our uranium properties,

we have not established any measured mineral resources or any proven or probable reserves through the completion of a feasibility study

for any of our uranium properties and we have no current plans to seek to do so, as it would not serve a business purpose at the present

Nevertheless, if in the future we were to seek to identify any measured mineral resources or to establish any proven or probable

reserves, we would be required to provide disclosure in that regard under both S-K 1300 and NI 43-101.

While S-K 1300 is substantively

similar to NI 43-101 (with the primary difference being between the format required for an S-K 1300 technical report summary and the

format required for an NI 43-101 technical report), we would incur additional costs from having to comply with both sets of regulatory

requirements, and since S-K 1300 is potentially subject to unknown interpretations, the Company could be required to incur substantial

additional costs associated with compliance.

We cannot predict the nature of any future enforcement, interpretation, or application of

Any further revisions to, or interpretations of, S-K 1300 or NI 43-101 could result our company incurring unforeseen costs

associated with compliance with both of those disclosure regimes.

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 1A. Risk Factors