Overview
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- TickerWSTRF on OTC2
- IndustryMiscellaneous Metal Ores2
- HeadquartersToronto, Canada2
- Incorporated inOntario, Canada3
- Business address5 Church Street, Toronto3
- Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company3
- Legal formCorporation2
- LEI549300B2LQ6T4OJHXL412
- StatusActive2
- LEI statusIssued and current2
- Registered address5 Church Steet, M5E 1M2 Toronto, Canada2
- Registered withMinistry of Government and Consumer Services, 21234932
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1Q 2026 and equipment was secured and prepared for storage. The mining operations team is continuing the completion of surface projects.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$425.4K
Out of $425.4K in revenue.6 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $425.4K | $183.8K |
| Mining expenditures | $4.4M | $5.3M |
| Professional fees | $581.2K | $613.4K |
| General and administrative | $2.3M | $3.6M |
| Consulting fees | $399.7K | $1.0M |
| Total operating expenses | $7.7M | $10.5M |
| Operating loss | -$7.3M | -$10.3M |
| Interest income, net | $106.2K | $224.7K |
| Other income (expense), net | $3.8K | -$2.0K |
| Net loss | -$7.2M | -$10.1M |
| Foreign currency translation adjustment | -$35.3K | -$159.9K |
| Comprehensive loss | -$7.2M | -$10.3M |
| Net loss per share - basic (in Dollars per share) | -$0.11 | -$0.18 |
| Net loss per share - diluted (in Dollars per share) | -$0.11 | -$0.18 |
| Weighted average shares outstanding - basic (in Shares) | 64.1M shares | 55.1M shares |
| Weighted average shares outstanding - diluted (in Shares) | 64.1M shares | 55.1M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.6M | $5.5M | |
| Restricted cash, current portion | $75.1K | $75.1K | |
| Prepaid expenses | $262.9K | $352.1K | |
| Other current assets | $188.0K | $77.9K | |
| Total current assets | $6.1M | $6.0M | |
| Restricted cash, net of current portion | $1.2M | $737.9K | |
| Property, plant & equipment and mineral properties, net | $17.6M | $17.7M | |
| Kinetic separation intellectual property | $9.5M | $9.5M | |
| Total assets | $34.4M | $33.9M | |
| Accounts payable and accrued liabilities | $687.4K | $672.0K | |
| Asset retirement obligations, current portion | $75.1K | $75.1K | |
| Total current liabilities | $762.5K | $747.1K | |
| Asset retirement obligations, net of current portion | $340.1K | $335.0K | |
| Deferred tax liability | $2.7M | $2.7M | |
| Deferred contingent consideration | $333.3K | $309.1K | |
| Total liabilities | $4.1M | $4.1M | |
| Common shares, no par value, unlimited authorized shares, 71,854,194 and 59,383,002 shares issued as of December 31, 2025 and 2024, respectively, and 71,853,888 and 59,382,696 shares outstanding as of December 31, 2025 and 2024, respectively | $66.7M | $59.0M | |
| Accumulated deficit | -$36.1M | -$28.9M | |
| Accumulated other comprehensive loss | -$269.1K | -$233.9K | |
| Total shareholders equity | $30.3M | $29.8M | $30.8M |
| Total liabilities and shareholders equity | $34.4M | $33.9M | |
| Common shares, shares issued (in Shares) | 71.9M shares | 59.4M shares | |
| Common shares, shares outstanding (in Shares) | 71.9M shares | 59.4M shares | |
| Treasury shares, held in treasury (in Shares) | 306 shares | 306 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $5.6M | $5.5M | |
| Restricted cash, current portion | $75.1K | $75.1K | |
| Prepaid expenses | $262.9K | $352.1K | |
| Other current assets | $188.0K | $77.9K | |
| Total current assets | $6.1M | $6.0M | |
| Restricted cash, net of current portion | $1.2M | $737.9K | |
| Property, plant & equipment and mineral properties, net | $17.6M | $17.7M | |
| Kinetic separation intellectual property | $9.5M | $9.5M | |
| Total assets | $34.4M | $33.9M | |
| Accounts payable and accrued liabilities | $687.4K | $672.0K | |
| Asset retirement obligations, current portion | $75.1K | $75.1K | |
| Total current liabilities | $762.5K | $747.1K | |
| Asset retirement obligations, net of current portion | $340.1K | $335.0K | |
| Deferred tax liability | $2.7M | $2.7M | |
| Deferred contingent consideration | $333.3K | $309.1K | |
| Total liabilities | $4.1M | $4.1M | |
| Common shares, no par value, unlimited authorized shares, 71,854,194 and 59,383,002 shares issued as of December 31, 2025 and 2024, respectively, and 71,853,888 and 59,382,696 shares outstanding as of December 31, 2025 and 2024, respectively | $66.7M | $59.0M | |
| Accumulated deficit | -$36.1M | -$28.9M | |
| Accumulated other comprehensive loss | -$269.1K | -$233.9K | |
| Total shareholders equity | $30.3M | $29.8M | $30.8M |
| Total liabilities and shareholders equity | $34.4M | $33.9M | |
| Common shares, shares issued (in Shares) | 71.9M shares | 59.4M shares | |
| Common shares, shares outstanding (in Shares) | 71.9M shares | 59.4M shares | |
| Treasury shares, held in treasury (in Shares) | 306 shares | 306 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$7.2M | -$10.1M |
| Depreciation | $822.8K | $613.6K |
| (Gain) loss on the sale of equipment | -$4.5K | $2.0K |
| Accretion of asset retirement obligations | $5.1K | $13.0K |
| Stock-based compensation | $558.2K | $1.1M |
| Change in marketable securities | $385 | |
| Prepaid expenses and other current assets | -$21.0K | $83.6K |
| Accounts payable and accrued liabilities | $15.4K | -$89.1K |
| Asset retirement obligations | $80.5K | |
| Contingent consideration | $24.2K | -$31.5K |
| Net cash used in operating activities | -$5.8M | -$8.3M |
| Purchase of property, plant & equipment and mineral properties | -$795.6K | -$3.4M |
| Proceeds from sale of equipment | $30.2K | $4.0K |
| Net cash used in investing activities | -$765.4K | -$3.4M |
| Proceeds from private placement, net | $7.1M | $3.5M |
| Proceeds from warrant exercises | $4.6M | |
| Net cash provided by financing activities | $7.1M | $8.2M |
| Effect of foreign exchange rate on cash | -$34.2K | -$136.8K |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $562.6K | -$3.7M |
| Interest | $7.9K |
No quarter-by-quarter statement was filed.
Compare Western Uranium & Vanadium Corp. with another company
Corporate structure
Western Uranium & Vanadium Corp. sits at the top of its group. 16 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Western Uranium & Vanadium Corp.
- MMCAP International Inc. SPC Filed SCHEDULE 13G/A on Western Uranium & Vanadium Corp., latest Aug 14, 2026 (9 filings since Dec 14, 2023)
- Global X Management CO LLC Filed SCHEDULE 13G on Western Uranium & Vanadium Corp., latest May 15, 2026 (3 filings since Nov 14, 2024)
- Sahar Benenson Filed SC 13G/A on Western Uranium & Vanadium Corp., latest Feb 14, 2024 (3 filings since Feb 15, 2022)
- George Edwin Lee Glasier Filed SC 13D on Western Uranium & Vanadium Corp., latest Feb 17, 2022
- Western Uranium & Vanadium Corp. Toronto, Ontario, Canada
- Black Range Copper Inc. Subsidiary · Delaware, United States
- Black Range Development Utah, LLC Subsidiary · Utah, United States
- Black Range Minerals Ablation Holdings Inc. Subsidiary · Colorado, United States
- Black Range Minerals Colorado LLC Subsidiary · Colorado, United States
- Black Range Minerals Inc. Subsidiary · Delaware, United States
- Black Range Minerals Utah LLC Subsidiary · Utah, United States
- Black Range Minerals Wyoming LLC Subsidiary · Wyoming, United States
- Haggerty Resources LLC Subsidiary · Wyoming, United States
- Maverick Strategic Minerals Corp Subsidiary · Delaware, United States
- Mustang Mineral Processing Inc Subsidiary · Colorado, United States
- Pinon Ridge Corporation Subsidiary · Colorado, United States
- Pinon Ridge Mining LLC Subsidiary · Delaware, United States
- Ranger Alaska LLC Subsidiary · Alaska, United States
- Ranger Resources Inc. Subsidiary · Delaware, United States
- Western Uranium Corporation Subsidiary · Utah, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Western Uranium & Vanadium Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Real estate and locations
Investments
Properties, in its own words
Company headquarters is maintained at 5 Church Street, Toronto, Ontario, Canada M5E 1M2.
An operations facility is rented at 31617 Hwy 90 Road, Nucla, Colorado, USA which houses the Kinetic Separation units and a shop office. In 2022, the rental of a new mining operations office was added at 31525 Hwy 90 Road, Nucla, Colorado, USA.
The rest of Item 2
The diagram below illustrates the location of the Company’s properties:
1. · Sunday Mine Complex
2. · San Rafael
3. · Sage
4. · Dunn
5. · Van 4
6. · Hansen/Taylor Ranch
7. · Bullen Property (Weld County)
8. · Maverick Minerals Mill Site (Emery County)
9. · Mustang Mineral Mill Site (Montrose County)
10. · Uranium Ridge
Overview
Western Uranium & Vanadium Corp is engaged in the business of exploring, developing, mining and production from its uranium and vanadium resource properties.
On September 16, 2015, in connection with the 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. 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, 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, 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 Ranch Project properties that it has elected to retain.
Although we have established the existence of mineralized materials on our uranium properties, 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.
The near term plan for the Company’s resources is to initially mine at the Sunday Complex. The Sunday Mine Complex is an advanced stage property with a significant drilling and production history. 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. The last previous mining interval was from 2006 to 2009. Based on the available records, only in 2009 did any surface drilling take place since mid-1980. Past operators have generated abundant geologic and mining data, and there are open faces underground that show mineralized zones. Near term exploration is not needed because the underground infrastructure has been already developed.
Mining Properties
Set forth below are details regarding our mining properties operated by us, which have been prepared in accordance with the requirements of S-K 1300.
1. 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. Energy Fuels Resources (USA) Inc. (“EFR”) 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 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. The property has access to grid power and has a natural underground source of water due to an aquifer. 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.
Item 2 of the 10-K filed Apr 15, 2026.5
Leadership
Who has led Western Uranium & Vanadium Corp., and when. Pick a name to see everywhere that person has worked.
- ChairRussell S. Fryer Oct 11, 2017 to Oct 11, 201714
- Chief financial officerRobert R. Klein Oct 26, 2016 to Nov 2, 202215
Board members and other officers (2)
- Board memberErnest Michael Rhodes Skutezky Jun 28, 2016 to Oct 6, 201616
- Board memberRussell S. Fryer Jun 28, 2016 to Jun 30, 201717
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive Officer, DirectorGeorge Glasier named Nov 22, 2024 to Jun 23, 202518
- Executive OfficerMichael Rutter named Nov 22, 2024 to Jun 23, 202518
- Executive Officer, DirectorGeorge Edwin Lee Glasier named Dec 29, 2021 to Aug 25, 202219
- DirectorAndrew Wilder named Nov 22, 2024 to Jun 23, 202518
- DirectorBryan Murphy named Nov 22, 2024 to Jun 23, 202518
- DirectorAndrew Steven Wilder named Dec 29, 2021 to Aug 25, 202219
- DirectorBryan Steven Murphy named Dec 29, 2021 to Aug 25, 202219
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Black Range Copper Inc. Delaware4
- Black Range Development Utah, LLC Utah4
- Black Range Minerals Ablation Holdings Inc. Colorado4
- Black Range Minerals Colorado LLC Colorado4
- Black Range Minerals Inc. Delaware4
- Black Range Minerals Limited Australia4
- Black Range Minerals Utah LLC Utah4
- Black Range Minerals Wyoming LLC Wyoming4
- Haggerty Resources LLC Wyoming4
- Maverick Strategic Minerals Corp Delaware4
- Mustang Mineral Processing Inc Colorado4
- Pinon Ridge Corporation Colorado4
- Pinon Ridge Mining LLC Delaware4
- Ranger Alaska LLC Alaska4
- Ranger Resources Inc. Delaware4
- Western Uranium & Vanadium Corp Canada4
- Western Uranium Corporation Utah4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Jun 29, 20268-K Shareholder vote; Other events20
- Jan 16, 20268-K Unregistered sale of shares; Other events21
- Oct 24, 20258-K Unregistered sale of shares; Other events22
- Jul 1, 20258-K Entered a material agreement; Shareholder vote; Other events23
- May 29, 20258-K Other events24
- Apr 14, 20258-K Other events25
- Nov 27, 20248-K Unregistered sale of shares; Other events26
- Oct 4, 20248-K Entered a material agreement; Other events27
- Jul 3, 20248-K Shareholder vote; Other events28
- May 29, 20248-K Other events29
- Dec 22, 20238-K Unregistered sale of shares; Other events30
- Jun 30, 20238-K Shareholder vote; Other events31
- Dec 29, 2006Founded Western Uranium & Vanadium Corp. is founded2
Filings
107 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 17 major events, 17 insider forms, 16 large holders, 6 private raises, 29 other. The latest 20:
- Aug 14, 202610-Q QUARTERLY REPORT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Jun 29, 20268-K CURRENT REPORT EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
- May 15, 2026SCHEDULE 13G EDGAR
- May 14, 202610-Q QUARTERLY REPORT EDGAR
- Apr 15, 202610-K ANNUAL REPORT EDGAR
- Apr 1, 2026NT 10-K NOTIFICATION OF LATE FILING EDGAR
- Feb 17, 2026SCHEDULE 13G/A EDGAR
- Jan 16, 20268-K CURRENT REPORT EDGAR
- Nov 14, 202510-Q QUARTERLY REPORT EDGAR
- Nov 14, 2025SCHEDULE 13G/A EDGAR
- Oct 24, 20258-K CURRENT REPORT EDGAR
- Aug 14, 202510-Q QUARTERLY REPORT EDGAR
- Aug 14, 2025SCHEDULE 13G/A EDGAR
- Aug 14, 2025SCHEDULE 13G/A EDGAR
- Jul 1, 20258-K CURRENT REPORT EDGAR
- Jun 23, 2025D EDGAR
- May 29, 20258-K CURRENT REPORT EDGAR
- May 15, 2025SCHEDULE 13G/A EDGAR
The 107 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
4 open-market trades by officers, directors and large owners since October 2021: 0 buys and 4 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 8, 2022 | Wilder Andrew J.S.Director | Sale | 18,328 | $1.91 | $35.0K | Form 4 |
| Feb 2, 2022 | Wilder Andrew J.S.Director | Sale | 7,270 | $1.66 | $12.1K | Form 4 |
| Jan 27, 2022 | Wilder Andrew J.S.Director | Sale | 7,106 | $1.63 | $11.6K | Form 4 |
| Jan 26, 2022 | Wilder Andrew J.S.Director | Sale | 8,600 | $1.61 | $13.9K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- MMCAP International Inc. SPCSCHEDULE 13G/A, 9 filings Dec 14, 2023 to Aug 14, 202632
- Global X Management CO LLCSCHEDULE 13G, 3 filings Nov 14, 2024 to May 15, 202633
- Sahar BenensonSC 13G/A, 3 filings Feb 15, 2022 to Feb 14, 202434
- George Edwin Lee GlasierSC 13D, 1 filing Feb 17, 202235
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $9.5M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2025 | $1.1M | $1.1M |
| 2024 | $689.5K | $689.5K |
| 2022 | $3.2M | $3.2M |
| 2021 | $4.5M | $4.5M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
- Jun 13, 2025Raised $1.1 million in a private offering of equity18 Form D: $2.5 million offered in all Form D
- Nov 15, 2024Raised $689,528 in a private offering of equity36 Form D: $1.6 million offered in all Form D
- Jan 19, 2022Raised $3.2 million in a private offering of equity19 Form D: $8.2 million offered in all Form D
- Dec 13, 2021Raised $466,536 in a private offering of equity37 Form D: $1.2 million offered in all Form D
- Feb 16, 2021Raised $4 million in a private offering of equity38 Form D: $10.1 million offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Stanley-Laman Group, Ltd. | 26,078 | $9.5K | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Western Uranium & Vanadium Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARWestern Uranium & Vanadium Corp.1
- CIK0001621906
- Employer ID (EIN)98-12718435
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inOntario, Canada5
- Fiscal year endsDecember 311
- Industry code (SIC)1090 Miscellaneous Metal Ores1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address5 Church Street, Toronto, Ontario, Canada1
- Phone(908) 872-76861
- Shares outstanding71,853,888 as of Aug 13, 202613
- Public float$31.5M as of Jun 30, 20255
- AuditorMNP LLP, Mississauga, Canada PCAOB ID 1930; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceNov 28, 20141
- Filings294 in all: 4 (81), 8-K (49), 10-Q (31), D (19), NT 10-Q (12), CORRESP (11), 10-K (10), SC 13G/A (9)1
All 33 form types
UPLOAD (8), 3 (7), DEF 14A (7), NT 10-K (7), SCHEDULE 13G/A (7), SC 13G (6), 4/A (4), 10-12G/A (3), D/A (3), 10-K/A (2), 8-K/A (2), ARS (2), DEFA14A (2), 10-12G (1), 3/A (1), 424B3 (1), 5 (1), 8-A12G (1), EFFECT (1), NT 10-K/A (1), PRE 14A (1), S-1 (1), S-1/A (1), SC 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Apr 15, 2026
Quarterly report (10-Q) Aug 14, 2026
Proxy statement (DEF 14A) May 31, 2023
Latest 8-K (8-K) Jun 29, 2026
Risk factors and legal proceedings
The risks Western Uranium & Vanadium Corp. names in Item 1A of its 10-K filed Apr 15, 2026: 35 risks under these headings, as written.5
- Risks Related to Our Business
- Our ability to become a successful operating mining company is contingent on whether we can continue to access adequate operating capital and can ultimately mine our properties and 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.
- Our operations are capital intensive, and we will require significant additional financing to continue production at the Sunday Mine Complex, to permit and construct the ore processing mill, to continue exploration and begin pre-extraction activities on our other existing uranium/vanadium projects, and to acquire additional uranium/vanadium projects.
- 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.
- Because the number of mills permitted for processing of uranium and vanadium is very limited, it may be difficult for us to gain access to a mill on favorable terms, or at all, and this could negatively affect our ability to do business.
- 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 business.
- Our ability to realize anticipated benefits of the Kinetic Separation process is subject to uncertainties associated with that process.
- We do not insure against all of the risks we face in our operations.
- Our inability to obtain financial surety would threaten our ability to continue in business.
- Acquisitions that we may make from time to time could have an adverse impact on us.
- The uranium industry is subject to numerous stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have a material adverse effect on our operations.
- We may not be able to obtain, maintain or amend rights, authorizations, licenses, permits or consents required for our operations.
The other 24 risks
- Closure and remediation costs for environmental liabilities may exceed the provisions we have made.
- Major nuclear incidents may have adverse effects on the nuclear and uranium industries.
- The marketability of uranium concentrates will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.
- The only significant market for uranium is nuclear power plants world-wide, and there are a limited number of customers.
- The price of alternative energy sources affects the demand for and price of uranium.
- The title to our mineral property interests may be challenged.
- Due to the nature of our business, we may be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage awards.
- Competition from better-capitalized companies affects prices and our ability to acquire both properties and personnel.
- Because we have limited capital, inherent mining risks pose a significant threat to us compared with our larger competitors.
- If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely consolidated financial statements could be impaired, which could harm our operating results, our ability to operate our business and investors’ views of us.
- The Company may be subject to certain tax consequences in its business, which may increase the cost of doing business.
- Cyber incidents or cyberattacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.
- Our business, financial condition and results of operations may be negatively affected by economic and other consequences from Russia’s military action against Ukraine and the international sanctions imposed in response to that action, as well as from other military conflicts in the Middle East and elsewhere.
- We are subject to global economic risks.
- 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.
- Risks Related to Our Stock
- If we are unable to raise additional capital, our business may fail and shareholders may lose their entire investment.
- Shareholders could be diluted if we were to use common shares to raise capital.
- The Company’s common shares may at times be traded in low volumes, which may negatively affect your ability to sell shares.
- The Company’s common share price may be volatile.
- The sale of shares by our directors and officers may adversely affect the market price for our shares.
- We have never paid or declared any dividends on our common shares.
- 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.
- Our Chief Executive Officer is our largest shareholder, and as a result he may be able to exert control over us and may have actual or potential interests that may diverge from yours.
- Risks Related to Our Regulatory Environment
- The SEC’s adoption of the “Modernization 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.
Legal proceedings
Other than described below, management is not aware of any material legal proceedings that are pending or that have been threatened against us or our subsidiaries or any of our respective properties, and none of our directors, officers, affiliates or record or beneficial owners of more than 5% of our common shares, or any associate of any such director, officer, affiliate or shareholder, is (i) a party adverse to us or any of our subsidiaries in any legal proceeding or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding.
The Company is subject to periodic inspection by certain regulatory agencies for the purpose of determining compliance by the Company with the conditions of its licenses. In the ordinary course of business, minor violations may occur; however, these are not expected to result in material expenditures or have any other material adverse effect on the Company.
The opening of Item 3, Legal Proceedings.5
Sources
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- 14SEC EDGARRussell S. Fryer, Chair
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- 17SEC EDGARRussell S. Fryer, Board member
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- 20SEC EDGARShareholder vote; Other events
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- 28SEC EDGARShareholder vote; Other events
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- 31SEC EDGARShareholder vote; Other events
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