Western Uranium & Vanadium Closes Property Acquisition

Rhea-AI Summary

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) has closed the acquisition of an approximately 900-acre property in Montrose County, Colorado, known as the PRC Site. The transaction, structured as a share purchase, involved acquiring all shares of Pinon Ridge , the parent company owning the site. Western paid approximately USD1.15 million to settle an outstanding promissory note held by a creditor.

The PRC Site is the location of the prospective Pinon Ridge Mill. In 2007, the original acquirer paid USD1.32 million for the acreage, followed by over CAD11.86 million in permitting and development expenditures over four years. Although the mill was never constructed, it was fully licensed, providing leverage from past expenditures for the permitting process.

This acquisition is part of Western's plans to develop and license uranium and vanadium processing facilities for its resource properties in Colorado and Utah.

Positive

• Acquisition of 900-acre property with potential for uranium and vanadium processing
• Fully licensed site leveraging past permitting and development expenditures of over CAD11.86 million
• Strategic expansion of Western's processing capabilities for its Colorado and Utah resources
• Acquisition price of USD1.15 million is lower than the original 2007 purchase price of USD1.32 million

Negative

• USD1.15 million cash outlay to settle outstanding promissory note
• Mill construction not yet completed, requiring additional investment
• Potential regulatory challenges in developing uranium and vanadium processing facilities

Toronto, Ontario and Nucla, Colorado, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together with its affiliates, “Western” or the “Company”) is pleased to announce that the Company has closed the transaction (the “Transaction”) announced in its October 1, 2024 news release and therefore acquired an approximately 900 acre property located in Montrose County, Colorado (the “PRC Site”). The Transaction was structured as a share purchase whereby Western acquired all the issued and outstanding shares of Pinon Ridge Corporation, the parent of a company owning the PRC Site (the “Subsidiary”).

In connection with the Transaction, the Company has filed a material change report under its profile on SEDAR+ and a Form 8-K on SEC EDGAR and has paid a creditor holding a security interest against the Subsidiary a total of approximately USD1.15 million to pay off the outstanding promissory note.

Notably, the PRC Site is the location of the prospective Pinon Ridge Mill. In May 2007 the original acquirer paid USD1.32 million for the acreage. During the following four years, over CAD11.86 million in permitting and development expenditures were incurred. While the mill was never constructed, it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting the permitting process.

As further detailed in the October 1, 2024 news release, the acquisition is the second property package Western has acquired in addition to the Maverick Minerals Processing Plant site in Utah and is part of Western’s plans for developing and licensing one or more uranium and vanadium processing facilities to process production from its resource properties in Colorado and Utah.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and Pinon Ridge Corporation processing plant will be licensed to include the kinetic separation process.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

George Glasier		Robert Klein
President and CEO		Chief Financial Officer
970-864-2125		908-872-7686
gglasier@western-uranium.com		rklein@western-uranium.com

FAQ

What property did Western Uranium & Vanadium (WSTRF) acquire in October 2024?

Western Uranium & Vanadium acquired an approximately 900-acre property known as the PRC Site in Montrose County, Colorado, which is the location of the prospective Pinon Ridge Mill.

How much did Western Uranium & Vanadium (WSTRF) pay for the PRC Site acquisition?

Western Uranium & Vanadium paid approximately USD1.15 million to settle an outstanding promissory note related to the acquisition of the PRC Site.

What is the significance of the PRC Site for Western Uranium & Vanadium (WSTRF)?

The PRC Site is part of Western's plans to develop and license uranium and vanadium processing facilities for its resource properties in Colorado and Utah. The site is fully licensed and leverages past permitting and development expenditures of over CAD11.86 million.

How does the PRC Site acquisition fit into Western Uranium & Vanadium's (WSTRF) overall strategy?

The acquisition is part of Western's strategy to develop processing capabilities for its uranium and vanadium resources in Colorado and Utah. It is the second property package acquired by the company, in addition to the Maverick Minerals Processing Plant site in Utah.