Western Uranium & Vanadium Corp.

What they do

Western holds previously mined uranium properties in Colorado and Utah acquired from Energy Fuels Holding Corp. in 2014, including the Sunday Mine Complex in western San Miguel County, Colorado. The Sunday Mine Complex consists of five mines — Sunday, Carnation, St. Jude, West Sunday and Topaz — each separately permitted, with the Topaz Mine currently permitted and scheduled for reclamation while re-permitting is underway. The complex was assigned "Active" status in July 2021 when mining operations were restarted. The company is a Canadian domestic issuer and reporting issuer whose shares trade on the CSE under "WUC".

Revenue drivers

• Uranium and vanadium sales — Reported revenue is small and irregular: $425,448 in 2025, $183,803 in 2024, $431,065 in 2023, against $7.2M in 2022, indicating no sustained production base.
• Sunday Mine Complex — The company's core resource property, a five-mine complex in San Miguel County, Colorado, restarted in July 2021 and the primary asset behind any future production.
• Colorado and Utah property portfolio — Owned and leased lands purchased from Energy Fuels Holding Corp. that were previously mined for uranium to varying degrees; no individual property revenue is disclosed.

Recent performance

Annual revenue was $425,448 in 2025, up from $183,803 in 2024 but still below the $7.2M recorded in 2022. Net loss was $7.2M in 2025 versus $10.1M in 2024, and diluted EPS improved to -$0.11 from -$0.18. Operating cash flow remained negative at -$5.8M in 2025, the fourth consecutive year of cash use. Quarterly revenue has been volatile: $328,392 in the September 2025 quarter, $25,326 in December 2025, $27,351 in March 2026, then $199,528 in June 2026. At June 30, 2026, total assets were $31.9M, liabilities $4.1M, equity $27.8M and cash $3.5M.

Strategy

Management continues to advance the Sunday Mine Complex, which was returned to "Active" status in July 2021. The company is pursuing re-permitting of the Topaz Mine, currently permitted but scheduled for reclamation. Western re-qualified as a foreign private issuer on June 30, 2023 and reconfirmed that status for periods through December 31, 2025, though it says it will voluntarily keep filing on U.S. domestic forms (10-K, 10-Q, 8-K). Recent 8-K activity includes unregistered equity sales in November 2024, October 2025 and January 2026, and material agreements in October 2024 and July 2025. The company has minimal long-term debt, with the last reported balance of $497,200 dated June 30, 2018.

Risks

• Persistent losses and cash burn — Net losses have run every year from 2021 through 2025, reaching $10.1M in 2024, while operating cash flow was negative in 2021, 2023, 2024 and 2025.
• Minimal and volatile revenue — Revenue ranged from $7.2M in 2022 down to $183,803 in 2024, with quarterly revenue as low as $25,326 in the December 2025 quarter.
• Permitting and reclamation exposure — Each of the five Sunday Mine Complex mines needs its own permit, and the Topaz Mine is permitted but scheduled for reclamation while re-permitting is underway.
• Limited liquidity relative to spending — Cash was $3.5M at June 30, 2026 against fiscal 2025 operating cash use of $5.8M, and the company has relied on unregistered equity sales for financing.

Outlook

The filing excerpts provided do not include a quantified production, revenue or cash flow forecast. Management's disclosed priorities are advancing the Sunday Mine Complex and completing re-permitting of the Topaz Mine. The company has stated it will voluntarily continue filing U.S. domestic periodic reports despite its foreign private issuer status. No guidance figures are available from the source material.