What changed in this filing

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Item 2. Properties

2026-04-15 compared with 2025-04-15 · 476 added, 388 removed, 552 unchanged (61% of the section changed)

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Maverick Minerals Mill Site (Emery County)

Mustang Mineral Mill Site (Montrose County)

Mustang Mineral Mill Site

(Montrose County)

Uranium Ridge

Western Uranium & Vanadium Corp is engaged

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Black Range Transaction, the Company acquired additional mineral properties.

The mining assets acquired through Black Range included assets

in the states of Colorado, Wyoming, and Alaska.

The mining assets acquired through Black Range included

assets in the states of Colorado, Wyoming, and Alaska.

None of these mining assets are operational at this time.

As these properties have not

formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material

can be economically extracted as originally planned and anticipated.

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

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

San Rafael Uranium Project located in Emery County, Utah

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

The Van 4 Mine located in western Montrose County, Colorado

The Sage Mine project located in San Juan County, Utah and San Miguel County, Colorado

As these properties

have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized

material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on August 18, 2014 that the Company retains as of December 31, 2025, include:

San Rafael Uranium Project

located in Emery County, Utah

The Sunday Mine Complex

located in western San Miguel County, Colorado

The Van 4 Mine located

in western Montrose County, Colorado

The Sage Mine project located

in San Juan County, Utah and San Miguel County, Colorado

Dunn Project located in San Juan County, Utah.

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

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

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

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

● Ferris Haggerty located in Carbon County, Wyoming

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of December 31, 2025, include:

Hansen, North Hansen, High

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

The Keota Uranium project

acreage located in Weld County, Colorado

Ferris Haggerty located

in Carbon County, Wyoming

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

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Mining and drilling occurred contemporaneously from the 1950’s through the mid 1980’s.

From the 1980’s to the

present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high.

From the 1980’s to

the present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high.

The last previous mining

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Sunday Mines Complex

The Sunday Mine Complex

is located in western San Miguel County and is part of the Uravan Mineral Belt.

The property is situated 25 miles north of Dove Creek,

Colorado, on the north flank of Disappointment Valley and portions of Big Gypsum Valley.

The Sunday Mine Complex is located

in western San Miguel County and is part of the Uravan Mineral Belt.

The property is situated 25 miles north of Dove Creek, Colorado,

on the north flank of Disappointment Valley and portions of Big Gypsum Valley.

Energy Fuels Resources (USA) Inc.

acquired the property in June 2012 from Denison Mines Corp.

The complex consists of five individual mines with mine workings located along

a two mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally south, with associated vents

and surface facilities.

The complex consists of five individual mines with mine workings located

along a two mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally south, with associated

vents and surface facilities.

The mines are, from east to west:

Sunday, Carnation, Saint Jude, West Sunday, and Topaz.

The mines were

previously actively mined from 2007 to 2009, by a prior owner.

In 2017, the mines were re-opening for a project involving exploration,

development, and mining.

The property consists

of 221 unpatented claims on public land managed by the U.S.

Bureau of Land Management (“BLM”) Tres Rios

Field Office, covering approximately 3,800 acres.

The area covers parts of sections 10, 13, 14, 15, 23, 24, and 26 T44N

R18W, and sections 18, 19, 20, and 30 T44N R17W.

Total annual BLM claim maintenance fees are approximately $36,465 due

September 1st each year.

mines were previously actively mined from 2007 to 2009, by a prior owner.

In 2017, the mines were re-opening for a project involving

exploration, development, and mining.

The property consists of 221 unpatented

claims on public land managed by the U.S.

Bureau of Land Management (“BLM”) Tres Rios Field Office, covering approximately 3,800 acres.

The area covers parts of sections 10, 13, 14, 15, 23, 24, and 26 T44N R18W, and sections 18,

19, 20, and 30 T44N R17W.

Total annual BLM claim maintenance fees are approximately $36,465 due September 1st each

The property has access to grid power and has a natural underground source of water due to an aquifer.

a mine that has produced in the recent past, the Sunday Mine Complex has a robust infrastructure.

The roads are all-weather, electric

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

During 2019, Western restarted

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

Claims for the Sunday

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

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

As a mine that has produced

in the recent past, the Sunday Mine Complex has a robust infrastructure.

The roads are all-weather, electric power is grid-tied, surface

facility structures that meet Colorado State standards exist, and water is present.

During 2019, Western restarted these mines and after

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

Claims for the Sunday Mine Complex carry a 1.0%

royalty on all ore produced, also, in addition, the GMG, Sunshine, and Patsun claims (totaling twenty claims in the northeast

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

Accessibility

The property is

best accessed from Colorado.

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

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

(Gypsum Valley Road).

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

the worst weather.

The Sunday Mine Complex

consists of six different mines.

The property is best accessed from Colorado.

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

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

The State Highway

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

The Sunday Mine Complex consists of five different

These are the Topaz, West Sunday, Sunday, St.

Jude, Carnation, and the GMG.

The mines have had a number

of owners and operators.

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

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

Matterhorn Mining

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

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

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

and Energy Fuels (2010’s).

Jude, and Carnation.

The mines have had a number of owners and operators.

documents made available to the author show that the following companies have been involved in the all or parts of the property prior

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

Matterhorn Mining (1950’s-1960’s,

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

(early 1990’s), International Uranium Corp.

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

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

Since UCC days, the ownership has been clear.

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

For the sake of consistency, the name Union

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

Records made available

by the Company and a search of public documents on-line indicates exploration drilling starting on the property in the early 1950’s.

Two Defense Minerals Exploration Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some

drilling and minor surface extraction had occurred by the mid 1950’s (DMEA, 1953 & 1956).

Additionally, historic maps of the

area show the Sunday mines in operation in the 1950’s (Denison Mines, 2008).

The records & anecdotal

evidence indicate that from the mid-1960’s until the early 1980’s, the SMC produced material from relatively steady ongoing

mining operations.

In 1983 Union Carbide transferred

its mineral interests to UMETCO, a wholly-owned subsidiary.

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

technically the ownership was UMETCO at the time.

Records made available by the Company and a search

of public documents on-line indicates exploration drilling starting on the property in the early 1950’s.

Two Defense Minerals Exploration

Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some drilling and minor surface extraction

had occurred by the mid 1950’s (DMEA, 1953 & 1956).

Additionally, historic maps of the area show the Sunday mines in operation

in the 1950’s (Denison Mines, 2008).

The records & anecdotal evidence indicate

that from the mid-1960’s until the early 1980’s, the SMC produced material from relatively steady ongoing mining operations.

These ceased in 1984 when Union Carbide closed their Uravan mill.

Since then, the property has been idle, with the

exception of brief periods in the late 1980’s when UCC mined for a short time during a spike in vanadium prices, in the mid-1990’s

with International Uranium Corporation and another one in 2006-2009 when Denison Mines extracted ore from the mine.

During all three periods,

the ore was processed at the White Mesa Mill located just south of Blanding, UT.

Exploration and development

drilling on the property was contemporaneous with the mining.

The available database records show that at least 1,419 holes have been

drilled on the property.

This is an incomplete list, as an examination of the available maps and cross-sections show a number of holes

that are not in the database.

Since then, the property has been idle, with the exception of brief

periods in the late 1980’s when UCC mined for a short time during a spike in vanadium prices, in the mid-1990’s with International

Uranium Corporation and another one in 2006-2009 when Denison Mines extracted ore from the mine.

During all three periods, the ore was

processed at the White Mesa Mill located just south of Blanding, UT.

Exploration and development drilling on the property

was contemporaneous with the mining.

The available database records show that at least 1,419 holes have been drilled on the property.

This is an incomplete list, as an examination of the available maps and cross-sections show a number of holes that are not in the database.

A best estimate for total distance drilled is about 850,100 ft (259,175 m).

Anecdotal evidence and some

maps also give evidence that underground long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m) to 300 ft (91

m) long) were used extensively throughout the mined areas.

The 2-D digitized mine

workings, done by Denison Mines show extensive stopping and drifting within parts of the SMC.

Generational mine maps indicate that more

mine workings exist than are shown in the digital database.

A very conservative rough estimate of the linear mine workings based on the

digital database is in excess of 50,000 ft (15,244 m) with many stopes.

Anecdotal evidence and some maps also give evidence that

underground long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m) to 300 ft (91 m) long) were used extensively

throughout the mined areas.

The 2-D digitized mine workings, done by Denison

Mines show extensive stopping and drifting within parts of the SMC.

Generational mine maps indicate that more mine workings exist than

are shown in the digital database.

A very conservative rough estimate of the linear mine workings based on the digital database is in

excess of 50,000 ft (15,244 m) with many stopes.

Figure 6.2.1 shows the known drill hole and mine working locations.

Based on the records

and on field inspection, it is evident that the Property has a significant history of drill exploration and mine development.

Geol., LLC was commissioned by the Company to prepare a technical report compliant with NI 43-101 on the Sunday Mine Complex Uranium (SMC)

Project (the “Sunday Mine Report”).

Based on the records and on field inspection,

it is evident that the Property has a significant history of drill exploration and mine development.

Geol., LLC was commissioned

by the Company to prepare a technical report compliant with NI 43-101 on the Sunday Mine Complex Uranium (SMC) Project (the “Sunday

Mine Report”).

The Sunday Mine Report was finalized on July 7, 2015 and filed on sedar.com on July 16, 2015.

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Project Geology

Geologically,

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

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

portion of the Brushy Basin Member of the Morrison Formation.

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

production coming from the Salt Wash Member.

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

adjacent to Big Gypsum Valley.

Geologically, the main hosts for uranium-vanadium

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

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

of the Morrison Formation.

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

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

Restoration and Reclamation

Each of the mines

are permitted separately with the DRMS.

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

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

(30 acres, $110,792).

Each of the mines are permitted separately

with the DRMS.

The mines and their permitted acres and financial warranties are, from east to west, the Sunday (60 acres, $523,126),

Carnation (9.8 acres, $54,849), Saint Jude (9.8 acres, $108,830), West Sunday (12.1 acres, $126,940), and Topaz (30 acres,

Permitting Status

The air permits for the

site are currently being renewed with APCD.

A Stormwater permit is in place with the WQCD and a Stormwater Management

Plan is in effect.

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

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

This will require a discharge permit

with the WQCD and revisions to the Plan of Operations, EPP, and one of the DRMS mine permits.

Special Use Permits are also in place with

San Miguel County, which mainly address road maintenance and transportation issues with some limitations in effect on when and how many

trucks may be used for ore haulage to the mill.

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

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

Bureau of Land Management

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

This is a prerequisite to re-permit the

Topaz Mine with Colorado’s DRMS.

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

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

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

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

Pursuant to the Fiscal Responsibility Act of 2023,

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

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

due to its duration.

The air permits for the site are currently being

renewed with APCD.

A Stormwater permit is in place with the WQCD and a Stormwater Management Plan is in effect.

a mine water treatment plant may need to be permitted for treating mine water, as there is currently 55 million gallons of water in the

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

This will require a discharge permit with the WQCD and revisions

to the Plan of Operations, EPP, and one of the DRMS mine permits.

Special Use Permits are also in place with San Miguel County, which

mainly address road maintenance and transportation issues with some limitations in effect on when and how many trucks may be used for

ore haulage to the mill.

The Company has been working toward the completion

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

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

This is a prerequisite

to re-permit the Topaz Mine with Colorado’s DRMS.

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

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

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

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

Pursuant to the Fiscal Responsibility

Act of 2023, the Company has a one year time limit for BLM reviews.

Under the transitional rules, the Topaz project was not eligible

for an extension due to its duration.

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

The re-scoping process will need

to be repeated to start the one year time clock.

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

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

The re-scoping

process will need to be repeated to start the one year time clock.

Consultants are conducting new work toward gathering additional inputs

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

Major permits currently in place at the Sunday Complex include:

Sunday 112d Mine Permit M-1977-285 (DRMS)

Jude 110d Mine Permit M-1978-039-HR (DRMS)

West Sunday 112d Mine Permit M-1981-021 (DRMS)

Carnation 110d Mine Permit M-1977-416 (DRMS)

Topaz 112d Mine Permit M-1980-055-HR (DRMS)

West Sunday Plan of Operations COC 52049 (BLM)

Jude and Carnation Plan of Operations COC-53227 (BLM)

Resolution #1997-18 Mine Permit (San Miguel County)

Resolution 2007-34 Topaz and Sunday Expansion (San Miguel County)

Resolution 2008-41 Increased Ore Haulage (San Miguel County)

Road & Bridge Special Construction Permit (SCP) 06-14 (San Miguel County)

The San Rafael Uranium Project land position is

comprised of a contiguous claim block covered by 136 BM unpatented federal lode mining claims and 10 Hollie unpatented federal lode mining

Sunday 112d Mine Permit

M-1977-285 (DRMS)

Jude 110d Mine Permit

M-1978-039-HR (DRMS)

West Sunday 112d

Mine Permit M-1981-021 (DRMS)

Carnation 110d Mine Permit

M-1977-416 (DRMS)

Topaz 112d Mine Permit

M-1980-055-HR (DRMS)

West Sunday Plan

of Operations COC 52049 (BLM)

Jude and Carnation

Plan of Operations COC-53227 (BLM)

Resolution #1997-18

Mine Permit (San Miguel County)

Resolution 2007-34 Topaz

and Sunday Expansion (San Miguel County)

Resolution 2008-41 Increased

Ore Haulage (San Miguel County)

Road & Bridge Special

Construction Permit (SCP) 06-14 (San Miguel County)

The San Rafael Uranium Project land position

is comprised of a contiguous claim block covered by 136 BM unpatented federal lode mining claims and 10 Hollie unpatented federal lode

mining claims.

The San Rafael Project is located in the historic

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It consisted of two core uranium deposits, the Deep Gold and the Down Yonder.

January 2011, EFR acquired the 10 Hollie claims from Titan Uranium.

In January 2011, EFR acquired the 10 Hollie claims from Titan Uranium.

These claims covered the eastern portion of the Deep Gold deposit,

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Power and water sources have not yet been formally

Magnum’s acquisition of the claims and some

of the data Magnum purchased encumbers the claims.

This includes a 2% Net Smelter Return royalty to Uranium One, successor to Energy Metals

for claims acquired by Magnum as earn-in to a JV, and a 2% net sales price royalty to Kelly Dearth on the BM claims.

There is no royalty

on the Hollie claims.

Magnum’s acquisition of the claims and

some of the data Magnum purchased encumbers the claims.

This includes a 2% Net Smelter Return royalty to Uranium One, successor to Energy

Metals for claims acquired by Magnum as earn-in to a JV, and a 2% net sales price royalty to Kelly Dearth on the BM claims.

no royalty on the Hollie claims.

The unpatented claims are located on approximately

2,900 acres of land administered by the U.S.

Bureau of Land Management in sections 13, 14, 23, 24, 25, 26, and 35, T21S, R14E, SLPM, Emery

County, Utah.

Bureau of Land Management in sections 13, 14, 23, 24, 25, 26, and 35, T21S, R14E, SLPM,

Emery County, Utah.

Holding cost $43,800 due to BLM for claim maintenance fees prior to September 1 each year.

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wedge shaped area, roughly bound along its northeast edge by US Highway 6-50 and along its southeast edge by Interstate 70.

Concerning additional local access features, U.S.

Concerning additional local access features,

Highway 6-50 crosses just north of the greater San Rafael Uranium Project area in a northwesterly direction and is roughly paralleled

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5.4 million pounds of vanadium produced.

Production from the Snow, immediately up dip of the Deep Gold deposit, which produced for nine years,

starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U3O8 contained in 173,330 tons of material at an average

grade of 0.188% U3O8 (Wilbanks, 1982).

Production from the Snow, immediately up dip of the Deep Gold deposit, which produced for nine

years, starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U3O8 contained in 173,330 tons of material at

an average grade of 0.188% U3O8 (Wilbanks, 1982).

Jay Gatten, P.

LLC was commissioned by the Company to prepare an independent technical report compliant with NI 43-101 on the San Rafael Uranium Project

(including the:

Geol., LLC was commissioned

by the Company to prepare an independent technical report compliant with NI 43-101 on the San Rafael Uranium Project (including the:

Deep Gold Uranium Deposit and the Down Yonder Uranium Deposit) (the “San Rafael Report”).

The San Rafael Report

was finalized on November 19, 2014 and filed on sedar.com on November 20, 2015.

The San Rafael Report was finalized

on November 19, 2014 and filed on sedar.com on November 20, 2015.

The San Rafael Report is an historic estimate

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Permitting Status

All exploration permits have been terminated and

related bonding released.

All exploration permits have been terminated

and related bonding released.

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

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Highway 141(2 miles west of Dove Creek) for 9.5 miles to Egnar, Colorado, then turn west on San Miguel County.

Road H1 for 1.2 miles before

intersecting San Juan County Road 370.

Road H1 for 1.2 miles

before intersecting San Juan County Road 370.

Road 370 would be taken north for 4 miles to the Calliham Mine portal site driveway.

Egnar would also be used if one was traveling to the project on Highway 141 from farther north in Colorado, such as Naturita, Colorado

(a total of 62 miles away).

The property includes the historic producing Sage Mine and boarders

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

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

H1 from Egnar would also be used if one was traveling to the project on Highway 141 from farther north in Colorado, such as Naturita,

Colorado (a total of 62 miles away).

The property includes the historic producing

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

U3O8 and 70 million lbs of V 2 O 5 ).

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

of the Salt Wash Member of the Morrison Formation.

WUC is in possession of historic mine and drill

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mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

Energy Fuels submitted an Exploration NOI to the

BLM in March 2013 for the site thereby establishing a nominal permit for the facility.

Permitting for mine expansion was started in 2012,

but was discontinued due to other priorities.

This work included installing 3 monitoring wells around a proposed portable water treatment

plant (exploration permit E/037/0188;

Energy Fuels submitted an Exploration NOI to

the BLM in March 2013 for the site thereby establishing a nominal permit for the facility.

Permitting for mine expansion was started

in 2012, but was discontinued due to other priorities.

This work included installing 3 monitoring wells around a proposed portable water

treatment plant (exploration permit E/037/0188;

bond $16,020) and conducting baseline studies (archeology, biology, groundwater).

Eight baseline

groundwater sampling events have been completed, which will allow for submittal of a complete groundwater discharge permit application

baseline groundwater sampling events have been completed, which will allow for submittal of a complete groundwater discharge permit application

Other than offsetting some of the historic drill

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Project Geology

The Sage Plain and nearby Slick Rock and Dry Valley/East

Canyon districts uranium vanadium deposits are a similar type to those elsewhere in the Uravan Mineral Belt.

The location and shape of

mineralized deposits are largely controlled by the permeability of the host sandstone.

Most mineralization is in trends where Top Rim

sandstones are thick, usually 40 feet or greater.

The Sage Plain and nearby Slick Rock and Dry

Valley/East Canyon districts uranium vanadium deposits are a similar type to those elsewhere in the Uravan Mineral Belt.

and shape of mineralized deposits are largely controlled by the permeability of the host sandstone.

Most mineralization is in trends

where Top Rim sandstones are thick, usually 40 feet or greater.

The Sage Plain District appears to be a large

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portion of the Uravan Mineral Belt.

The Calliham/Crain/Skidmore (Calliham Mine) and Sage Mine deposits, as well as nearby Deremo and Wilson/Silverbell

mines appear to be controlled by meandering within this main channel.

The Calliham/Crain/Skidmore (Calliham Mine) and Sage Mine deposits, as well as nearby Deremo and

Wilson/Silverbell mines appear to be controlled by meandering within this main channel.

The Morrison sediments accumulated as oxidized

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The thickness, the gray color, and pyrite and

carbon contents of sandstones, along with gray or green mudstone, were recognized by early workers as significant and still serve as exploration

carbon contents of sandstones, along with gray or green mudstone, were recognized by early workers as significant and still serve as

exploration guides.

Much of the Top Rim sandstone in the Sage Plain Project area exhibits these favorable features;

therefore, portions of the property

with only widely spaced drill holes hold potential.

However, without the historic drill data, it cannot be determined where sedimentary

facies are located (e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink and red oxidized sandstone

and overbank mudstones).

Furthermore, locations of interface zones of the oxidized and reduced environments are hard to predict.

more historic data are obtained and/or more drilling occurs on the property away from the historic mines, these outlying areas remain

exploration targets.

therefore, portions

of the property with only widely spaced drill holes hold potential.

However, without the historic drill data, it cannot be determined

where sedimentary facies are located (e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink and

red oxidized sandstone and overbank mudstones).

Furthermore, locations of interface zones of the oxidized and reduced environments are

hard to predict.

Until more historic data are obtained and/or more drilling occurs on the property away from the historic mines, these

outlying areas remain exploration targets.

Restoration and Reclamation

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Existing permits include:

Small Mine Reclamation

permit with the Utah Division of Oil Gas and Mining.

Small Mine Reclamation permit with the Utah Division

of Oil Gas and Mining.

Basis of Disclosure

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This is midway between the EFR Rim Mine and the Calliham/Sage mine area.

Access to the Dunn project is

from West Summit Road (San Juan County Road 313), 10.8 miles north of the junction with U.S.

Access to the Dunn project

is from West Summit Road (San Juan County Road 313), 10.8 miles north of the junction with U.S.

West Summit Road is a two-lane

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approximately 65 miles to the southeast, and Moab, Utah approximately 65 miles to the northwest;

both airports have daily commercial flights

to-and-from Denver International Airport.

both airports have daily commercial

flights to-and-from Denver International Airport.

The first discovery of uranium-vanadium mineralization

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The Dunn project occurs on structurally unaffected

terrain between the gently folded Boulder Knoll anticline to the southwest and the more prominent salt-cored Lisbon Valley anticline to

the northeast.

The strata beneath the project are relatively flat, and no major faults or folds are expected to disrupt bedding or unit

terrain between the gently folded Boulder Knoll anticline to the southwest and the more prominent salt-cored Lisbon Valley anticline

to the northeast.

The strata beneath the project are relatively flat, and no major faults or folds are expected to disrupt bedding or

unit contacts.

Uranium-vanadium mineralization at the Dunn is

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

Western Uranium

& Vanadium Corp.

Uranium & Vanadium Corp.

has not yet undertaken any development work at the property.

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permit and putting the Van 4 Mine into reclamation.

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

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

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

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

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

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reclamation work prior to the reclamation deadline.

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

which the Company expects the reclamation bond to be released.

The Company submitted its Surety Reduction Request application to the CDRMS on January

7, 2026 for a reduction of the financial warranty based on current site conditions and consideration of reclamation activities completed

On March 19, 2026, the CDRMS concluded its review and approved the Company’s request and reduced the financial warranty

from $75,057 to $49,350.

Accessibility

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IUC re-permitted

the mine with DRMS (then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other mines in

the area that were not acquired by IUC.

the mine with DRMS (then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other mines

in the area that were not acquired by IUC.

Mine Permit M-1997-032 with DRMS is currently in good standing and bonded for $75,057.

AM-1, which incorporated the approved EPP, was issued on May 30, 2012.

The permit has been transferred over the years from IUC to Denison

Mines (USA) Corp.

Amendment AM-1, which incorporated the approved EPP, was issued on May 30, 2012.

The permit has been transferred over the years from

IUC to Denison Mines (USA) Corp.

to Energy Fuels Resources (USA) Inc.

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Permitting Status

Permit compliance is currently limited to an annual stormwater inspection;

stormwater improvement

work was completed in 2010 and 2012.

The air permit with APCD was recently allowed to lapse, as the company does not have any immediate

development or operation plans for the mine.

The mine does not have EPA approval for radon emissions;

however, this approval may not be

needed to restart mining, as the life-of-mine production will likely be less than 100,000 tons.

The DRMS mining permit was put into Temporary

Cessation in February, 2014.

Existing major permits at the mine include:

BLM Plan of Operations COC-62522 (same as DRMS Permit M-97-032)

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

Permit compliance is currently limited to an

annual stormwater inspection;

stormwater improvement work was completed in 2010 and 2012.

The air permit with APCD

was recently allowed to lapse, as the company does not have any immediate development or operation plans for the mine.

The mine does

not have EPA approval for radon emissions;

however, this approval may not be needed to restart mining, as the life-of-mine production

will likely be less than 100,000 tons.

The DRMS mining permit was put into Temporary Cessation in February, 2014.

Existing major permits

at the mine include:

BLM Plan of Operations

COC-62522 (same as DRMS Permit M-97-032)

DRMS 110d (Small Mine,

DMO) Mine Permit M-97-032

Hansen/Taylor Ranch

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1 x private Mineral Lease

- 1 x State Mineral Lease (UR3324)

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

- 108 Federal unpatented mining claims

The Hansen/Taylor Ranch Project is currently being

held as a property that is exploratory in nature with no identified reserves.

Neither exploration plans nor a mining plan exist for the

1 x State Mineral Lease

1 x option to purchase

100% of the Hansen and Picnic Tree Deposits

108 Federal unpatented

mining claims

The Hansen/Taylor Ranch Project is currently

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

Neither exploration plans nor a mining plan exist

for the project.

Black Range Minerals has not undertaken development work at the property since groundwater well installation in 2013.

water sources have not yet been formally assessed.

Power and water sources have not yet been formally assessed.

The Company owned 49% of the resource property

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Accessibility

The Project is located in Fremont County, in South

Central Colorado approximately 30 miles northwest of the city of Canon City.

Canon City is the closest population center and had a population

of 16,400 in 2010.

The largest metropolitan area in close proximity to the Project is Colorado Springs which is located approximately

46 miles northeast of Canon City and has a population of approximately 416,000.

Figure 1 shows the locations of these population centers

with respect to the Project.

The Project is located in Fremont County, in

South Central Colorado approximately 30 miles northwest of the city of Canon City.

Canon City is the closest population center and had

a population of 16,400 in 2010.

The largest metropolitan area in close proximity to the Project is Colorado Springs which is located

approximately 46 miles northeast of Canon City and has a population of approximately 416,000.

Figure 1 shows the locations of these population

centers with respect to the Project.

For ground travel, Canon City is best accessed

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however, no source of industrial water has been identified

Uranium mineralization was discovered in the Tallahassee

Creek District in 1954 by two groups of prospectors.

Between 1954 and 1972, 16 small open pit and underground mines were operated in the

Discoveries, and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine, the Smaller

Mine, producing from the Echo Park Formation.

Exploration efforts were minimal until Rampart Exploration Company (Rampart), under contract

to Cyprus, explored the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with other uranium deposits

in the district.

Cyprus took the Hansen and Picnic Tree deposits through a positive final feasibility analysis in 1980 for an open-pit

mining and conventional uranium milling operation and secured all necessary operating permits in 1981.

The collapse of the uranium market

led to Cyprus abandoning the project which lay dormant until Black Range Minerals began activities in late 2006.

Uranium mineralization was discovered in the

Tallahassee Creek District in 1954 by two groups of prospectors.

Between 1954 and 1972, 16 small open pit and underground mines were

operated in the district.

Discoveries, and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine,

the Smaller Mine, producing from the Echo Park Formation.

Exploration efforts were minimal until Rampart Exploration Company (Rampart),

under contract to Cyprus, explored the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with other

uranium deposits in the district.

Cyprus took the Hansen and Picnic Tree deposits through a positive final feasibility analysis in 1980

for an open-pit mining and conventional uranium milling operation and secured all necessary operating permits in 1981.

The collapse of

the uranium market led to Cyprus abandoning the project which lay dormant until Black Range Minerals began activities in late 2006.

Black Range Mineral’s Taylor Ranch Project,

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The Taylors were not able to make the

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

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

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

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

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

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

This part of Cyprus’ prior holdings was

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2) North Hansen, Boyer Kriging Resources – Taylor Ranch Uranium Project, April 29, 2009;

3) Technical Memorandum

– Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project, August 24, 2009;

and 4) Technical Memorandum

– Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project (Updated 2010), August 12, 2010.

memos were originally prepared by Rex Bryan of Tetra Tech, a qualified person under NI 43-101.

The results reported in the Tetra Tech

Reports are historical estimates under NI 43-101.

However, the Company is not treating the historical estimate as current mineral resources,

and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

Memorandum – Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project, August 24, 2009;

Technical Memorandum – Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project (Updated 2010),

August 12, 2010.

These memos were originally prepared by Rex Bryan of Tetra Tech, a qualified person under NI 43-101.

The results reported

in the Tetra Tech Reports are historical estimates under NI 43-101.

However, the Company is not treating the historical estimate as current

mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

The historic Black Range Minerals resource reported

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with NI 43-101 and a feasibility study compliant with S-K 1300.

The Company currently does not intend to commission such a technical report

or feasibility study.

The Company currently does not intend to commission such a technical

report or feasibility study.

Project Geology

The deposits that make up the Project are tabular sandstone deposits

associated with redox interfaces.

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

braided stream, fluvial system or palaeochannel.

Mineralization occurred post sediment deposition when oxygenated uraniferous groundwater

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

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

host sediments.

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

consists of Pre-Cambrian plutonics and metamorphic rocks.

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

The deposits that make up the Project are tabular

sandstone deposits associated with redox interfaces.

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

within an extinct braided stream, fluvial system or palaeochannel.

Mineralization occurred post sediment deposition when oxygenated uraniferous

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

of uranium oxides.

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

with the host sediments.

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

basement consists of Pre-Cambrian plutonics and metamorphic rocks.

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

of the uranium.

Restoration and Reclamation

During the fourth quarter of 2021, the Company

received notice from the State of Colorado that its surety release request on the Hansen Picnic Tree property had been approved, and as

such, this property is no longer subject to reclamation treatment.

received notice from the State of Colorado that its surety release request on the Hansen Picnic Tree property had been approved, and

as such, this property is no longer subject to reclamation treatment.

As the property wasn’t a current development priority, Western

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The scientific and technical information provided

in this Form 10-K on the Hansen/Taylor Ranch Project, as well all data and exploration information reported in this Form 10-K on the Hansen/Taylor

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

in this Form 10-K on the Hansen/Taylor Ranch Project, as well all data and exploration information reported in this Form 10-K on the

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

Bullen Property (Weld County)

The Bullen Property is a private land parcel located

in Weld County Colorado and is inclusive of 139 surface acres and 160 mineral acres.

The property location is Township 9 North, Range

60 West, 6 th P.M., Section 34:NW/4.

The Bullen Property is a private land parcel

located in Weld County Colorado and is inclusive of 139 surface acres and 160 mineral acres.

The property location is Township 9 North,

Range 60 West, 6 th P.M., Section 34:NW/4.

Accessibility

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roads year-round.

The Bullen Property is an oil and gas

property located in Weld County Colorado.

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

The Bullen Property is an oil and gas property

located in Weld County Colorado.

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

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

This project ran from 2008 to 2013, and at

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

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

In 2017, the Company signed a three year oil and

gas lease which in 2020 was extended for an additional three year term or the end of continuous operations.

The consideration was in the

form of upfront bonus payments and backend production royalty payments.

Additional right-of-way easement agreements were signed which

allowed for the development of a pipeline.

The lease agreement allows the Company to retain property rights to vanadium, uranium, and

other mineral resources.

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

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

After the project ceased, the Bullen

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

In 2017, the Company signed a three year oil

and gas lease which in 2020 was extended for an additional three year term or the end of continuous operations.

The consideration was

in the form of upfront bonus payments and backend production royalty payments.

Additional right-of-way easement agreements were signed

which allowed for the development of a pipeline.

The lease agreement allows the Company to retain property rights to vanadium, uranium,

and other mineral resources.

In early 2020 Bison Oil & Gas (“Bison”)

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These DJ-Basin wells target the Niobrara formation.

During 2021, the operator completed all well development stages and eight

(8) wells commenced oil and gas production by August 2021.

During 2021, the operator completed all well development stages and

eight (8) wells commenced oil and gas production by August 2021.

The first royalty payment was made in January 2022.

During 2022, the operator

completed all well development stages on a second set of eight (8) wells which commenced oil and gas production by August 2022.

monthly royalty payment including production from the new wells was made in January 2023.

During 2022, the

operator completed all well development stages on a second set of eight (8) wells which commenced oil and gas production by August 2022.

The first monthly royalty payment including production from the new wells was made in January 2023.

Monthly royalty payments are ongoing.

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Maverick Minerals Mill Site (Emery County, Utah)

The Maverick Minerals Mill Site land package was assembled through

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

Engineering and design work, as well as

site testing, was performed during 2024.

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

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

of the Company’s initial mineral processing mill.

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

The Maverick Minerals Mill Site land package

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

Engineering and design

work, as well as site testing, was performed during 2024.

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

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

and construction of the Company’s initial mineral processing mill.

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

San Rafael project.

Accessibility

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Planned Operations and Maintenance

Subsequent to the acquisition of the Mustang Mineral

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

Subsequent to the acquisition of the Mustang

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

Environmental Matters

The Maverick Minerals Mill Site consists principally of an undeveloped

parcel of land.

The Maverick Minerals Mill Site consists principally

of an undeveloped parcel of land.

There are no known environmental matters to report.

Total Cost of Project

Western is currently evaluating the expected use

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

Western is currently evaluating the expected

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

The Company’s Planned Work

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Mustang Mineral Mill Site (Montrose County, Colorado)

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

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

This is the second site acquired

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

The Mustang Mineral Mill site was purchased

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

Western expects to benefit from the prior

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

Western’s mill is expected to have

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

When purchased, the Mustang Mineral Mill Site included certain

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

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

The 880 acre site provides abundant space for tailings disposal

to support 40 years of continuous mill operations.

The Mustang Mineral Mill Site is an 880 acre

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

is the second site acquired by Western for the permitting, development and construction of a mineral processing facility.

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

expects to benefit from the prior site owner’s completion of all phases of licensing and permitting of its mill project.

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

When purchased, the Mustang Mineral

Mill Site included certain infrastructure already in place, including nine monitoring wells and three production wells, meteorological

data towers, electric power access and initial power infrastructure, paved roads and gravel roads.

The 880 acre site provides abundant

space for tailings disposal to support 40 years of continuous mill operations.

Accessibility

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Permitting Status

Western has started permitting for the Mustang Mineral Mill Plant and

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

The site was acquired during 2024.

The mill is under development by the Western team.

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

the permitting process.

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

underscoring the site’s compliance with stringent regulatory requirements.

Western has started permitting for the Mustang

Mineral Mill Plant and the site was previously permitted for a uranium mill that was never constructed.

Official baseline data collection at Mustang

began in December 2024 for water monitoring and January 2025 for air monitoring.

The required water monitoring data collections

have been completed.

As air monitoring equipment required repair, we will need to continue to collect air sample data beyond 1Q

2026, and into 2Q 2026.

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

During 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

radioactive materials license application in 2Q 2026 with the goal of submitting the application during 4Q 2026.

The mill is under development by the Western

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

supporting the permitting process.

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

twice, underscoring the site’s compliance with stringent regulatory requirements.

Environmental Matters

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Total Cost of Project

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

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

completed on this same site for the Pinon Ridge Mill.

Western is expecting the mill to be constructed

at a cost of approximately $75 million.

Preliminary engineering designs from the Maverick Mill are applicable as well as engineering

and licensing application work completed on this same site for the Pinon Ridge Mill.

The Company’s Planned Work

The Company’s plans are to develop and license

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

The Company’s plans are to develop and

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

Uranium Ridge Project

The Uranium Ridge is located on Bureau of Land Management (BLM) land

in Montrose County, Colorado, situated approximately 10 road miles from Western’s Mustang Mineral Processing Plant.

combines the historically drilled Baboon Basin and Sawtooth claims with newly acquired adjacent lode claims and serves as a key satellite

deposit supplying feedstock for Western’s milling facilities.

The property contains high-grade uranium and vanadium in the Salt

Wash Member of the Morrison Formation and will present significant ore transportation cost savings.

In addition to the acquired mining

claims, Western staked an additional surrounding 38 mining claims, based upon the trend of the mineralization at the site.

Accessibility

The site is accessible by public roads year round,

however, a portion of these roads will require repair.

The property was acquired in 1996 by two private

partners (each owning 50% of the Property separately and not jointly) as an investment that leveraged their combined expertise as a geologist

and a surveyor.

The latter partner was notably from a prominent local uranium family.

Over the course of ownership, the partners periodically

made the Property available for sale during periods of strong uranium prices.

Following the passing of one of the original partners in

2013, Western’s CEO George Glasier acquired that partner’s interest from his estate.

As a result, the property has since

been held by the remaining original partner and Mr.

Glasier, each owning the separate but contiguous mining claim packages.

Due to personal circumstances, the remaining

original partner recently offered his interest to Mr.

However, due to high potential for added value to the Company, Mr.

first presented this opportunity to Western.

The Company determined that acquiring the drilled-out Claims represented a compelling opportunity

when combined with the leveragability of the larger land package surrounding the property.

To consolidate ownership, Mr.

Glasier indicated

his willingness to make his personal interest available to the Company on appropriate terms if the Company deemed it to be desirable.

On October 14, 2025, Western acquired the package

of unpatented mineral lode claims and secured a 50% ownership in the Uranium Ridge.

In connection with Western’s purchase of its 50% interest in

the Baboon Basin and Sawtooth claims, Western staked its 100% interest in an additional surrounding 38 mining claims.

The original owners of the Property, Nuclear Dynamics

Inc., engaged Thamm, Mickel & Co.

to prepare an independent ore reserve calculation;

the report was issued August 14, 1980 (the “Thamm

Report” or “Report”).

The Report was compiled utilizing data from 175 drill holes drilled between 1977 and 1980, but

did not utilize a superior calculation method, such as the Kriging calculation or the polygonal method.

The Thamm Report was prepared

approximately 20 years before National Instrument 43-101 Standards of Disclosure for Mineral Projects was adopted by the Canadian Securities

Administrators.

Therefore, the Thamm Report is not current or public.

Accordingly, the Company is not presenting the findings of the Report.

The property encompasses the previously drilled-out

Baboon Basin/Sawtooth claims, as well as additional claims surrounding Baboon Basin/Sawtooth.

Project Geology

The property contains high-grade uranium and

vanadium in the Salt Wash Member of the Morrison Formation.

Permitting Status

No permits currently exist.

Restoration and Reclamation

No liabilities currently exist.

INFRASTRUCTURE

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The Company holds a license to use Kinetic Separation,

a proven technology that we anticipate will improve the efficiency of the sandstone hosted uranium mining process, although there are

some uncertainties about whether the anticipated benefits will be realized.

See Item 1, “Business – Corporate History”

and “Business – Our Strategy – Uranium/Vanadium Production”.

The Kinetic Separation Process.” Kinetic Separation

is a low cost, purely physical method of uranium and vanadium ore extraction.

Kinetic Separation has been initially tested in order to

understand the hydro and mechanical separation processes.

The Company used a pilot Kinetic Separation system to test several different

samples of uranium ore from the Sunday Mine Complex and the Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered

into the Kinetic Separation pilot system appeared to concentrate most of the uranium into the post kinetically separated material consisting

of a fraction of the original mass, leaving most of the post kinetically separated materials which did not contain any uranium.

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

On December 1, 2016 a determination was made by

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

a proven technology that we anticipate will improve the efficiency of extracting uranium and vanadium mineralization from the sandstone

base material.

No chemicals are added in the process, yet very high mineral recoveries can be achieved with considerable mass reduction;

facilitating the separation of a high-value, high-grade ore product from a coarse-grained barren “clean sand” product.

Company holds a license to use this Kinetic mining process, although there are some uncertainties about whether the anticipated benefits

will be realized.

See Item 1, “Business – Corporate History” and “Business – Our Strategy – Uranium/Vanadium

The Kinetic Separation Process.” Kinetic Separation is a low cost, purely physical method of uranium and vanadium

ore extraction.

Kinetic Separation has been initially tested in order to understand the hydro and mechanical separation processes.

Company used a pilot Kinetic Separation system to test several different samples of uranium ore from the Sunday Mine Complex and the

Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered into the Kinetic Separation pilot system appeared to concentrate

most of the uranium into the post kinetically separated material consisting of a fraction of the original mass, leaving most of the post

kinetically separated materials which did not contain any uranium.

The results of these tests have not yet been validated by a qualified

On December 1, 2016 a determination was made

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

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

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

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

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

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

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

The Company holds mineral properties as outlined

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in an arm’s length transaction.

The mining assets include both owned and leased land in the

states of Utah and Colorado.

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

As some of the properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether

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

Western has a 1% royalty obligation

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

The mining assets include both owned and leased land in

the states of Utah and Colorado.

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

As some of the properties have not formally established proven or probable reserves, there may be greater inherent uncertainty

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

Western has a 1% royalty

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

The Company’s mining properties acquired

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None of these mining assets were operational at the date of acquisition.

properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any

mineralized material can be economically extracted as originally planned and anticipated.

properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not

any mineralized material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

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

What changed 10-K

Item 2. Properties