Purchasing agreement
In mid -June, Western started to deliver diluted material from the Sunday Mine complex to the White Mesa Mill. In June and July, approximately 792 tons were delivered under the Housing Purchasing Agreement, which was announced in a press release of 14 April 2025. The first ore -plot is expected to close in August, with provisional payment expected within 30 days thereafter. The majority of the uranium -bearing raw material comes from historically stored material, supplemented with new production of the SMC. All deliveries were completed by Western employees with the help of company trucks and equipment.
Processing factories Update
We give priority to the development of the Mustang Mineral Processing Plant (Mustang), formerly known as the Pinon Ridge Mill site, in Colorado because of the proximity of the SMC and lower drawing costs compared to the Maverick Minerals Proceder in Utah. Baseline Data collection in Mustang started in January 2025 and the compilation of two quarterly reports is completed. The results for both water and air quality are consistent with previous data collected by the former owners. Collecting data from the third quarter is underway and two extra quarters are planned. Based on the current schedule, the fourth quarter of data collection will be closed on time to draw up the license application for radioactive materials in Q1 2026. The completion of Mustang is crucial for internal yellow cake production.
SMC -drill program -Update
The first phase of the horizontal underground drilling program has now been successfully completed. The program used rigorous quality control, including twinning holes, tests and core samples. In addition to drilling the previously reported 20,366 feet, an extra 1,655 feet of core drilling was completed. Half of these core holes aimed at mineralized faces identified during underground development, while the other half confirmed previously identified ors zones. Geotechnical and geological logging also mapped large mistakes and weak ground conditions. The program confirmed five mineralized bags in the GMG Drift and outlined the overall form and trend of the deposit. The horizontal drilling program defined mineralized deposits but did not determine the standing thickness. A second program phase would make surface/vertical drilling necessary to record thickness data to update geological resource estimates.
SMC project update
The development of the SMC remains productive. This year the Western work extended in three areas of the GMG deposit and advanced the decline of Leonard and Clark. Although extra rehabilitation could further expand the capacity, the current development supports the potential for full production. This was a personnel and capital-intensive project because the my team worked deep underground in four mines. The company intends to continue on a smaller scale with the rehabilitation of extra SMC areas with defined uranium mineralization. After we have successfully completed the initiatives at the SMC, we gradually reduced the staff due to exhaustion, consultant cuts, selective dismissals and re -promotion. These efficiency measures have been taken to coordinate the workforce at company capitalization levels.
Additional projects
Looking ahead, management is considering opportunities in our real estate portfolio to increase production capacity that are less capital -intensive. These include the rehabilitation of the TopAZ mine, rehabilitating the sage mine, the re-assessing of the 4-mine for decline/portal access instead of using the previously recovered axis and extra development of the Rimrock JV-Mijnen. A project to promote the allowance for the San Rafael project is underway, where the next step is the installation of monitor corn pits. Progress has been made on each of these initiatives. There are also opportunities to acquire extra uranium properties.
Summary of the strategy
This conservative approach has been assumed to reduce operational expenses in the short term. The intention is to concentrate on the initiatives that produce the most long-term value for the company: building the proposed Mustang mill and the development of mines in the neighborhood to deliver this mill. The Western team remains convinced that the uranium prices reflect from replacement cost levels and strong underlying market fundamentals. Although we are concentrating on preparing more of our mineral properties for active mining activities, we intend to use this conservative approach until there is a considerable and sustainable recovery in the uranium markets.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. Develops high-quality uranium and vanadium production in the Sunday Mine Complex. In addition to the flagship feature in the productive Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Plant has a permit and developed for the recovery of mined material and will include kinetic separation to optimize the economy.
Carefully comment with additional information: Certain information in this press release is “Future -oriented information” or “Future -oriented statements” in the sense of applicable securities laws (collective, “Future -oriented statements”). Statements of that nature include statements regarding, whether they depend on: the expectations, estimates and projections of the company with regard to the supply and exploration and production plans and results; the timing of planned activities; whether the company can collect any additional resources that are necessary to implement its plans; Or regulatory or analogue requirements can be paid to allow planned activities; And more generally for the activities of the company, and the economic and political environment that applies to its activities, assets and plans. All such future -oriented statements are subject to important risk factors and uncertainties, many of which are the ability of the company to check or predict, be outside the company. Consult the most recent discussion and analysis of the company’s company, as well as the other archives www.sec.gov and/or www.sedarplus.com For a more detailed overview of those risk factors. Readers are warned not to give unnecessary dependence on the future -oriented statements of the company, and that these statements are made from the date of this. Although the company can do this, it is not an obligation to update these future-oriented statements at a certain moment, except if and as far as required under applicable laws and regulations.
For more information, contact us with :
George Glass
President and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com
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