Western Uranium & Vanadium Corp. Corporate Update

Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) ("Western" or "Company") would like to provide the following update:

Mine Standby: The Company's temporary cessation (standby) request for the five mine permits comprising the Sunday Mine Complex (SMC) was approved by the Mined Land Reclamation Board (MLRB) in a unanimous vote. Under Colorado Rules and Regulations, an operator is required to apply for temporary cessation after a lapse of mining activities for a period of 180 days. Western had hoped to restart the SMC prior to the end of the 180-day window; however, the direct and indirect impacts of the COVID pandemic have prevented that from happening. The SMC Mines can be started on short notice when COVID restrictions are lifted and market conditions improve.

With respect to market conditions, the Company continues to closely follow a number of potential key catalysts driving improvements in the vanadium and uranium markets including:

  • Vanadium Section 232: United States Department of Commerce ("DOC") is reviewing a petition by industry participants that requests a 40% tariff on vanadium imports from all sources and the establishment of a stockpiling program. Separate tariff rate quotas were requested for refined vanadium products. Western has submitted survey data and continues to support this investigation and remedies that level the playing field for U.S. domestic producers versus foreign state sponsored competitors.
  • Uranium – Nuclear Fuel Working Group and related Industry Developments: The American nuclear industry had its best month in decades during October. The United States Department of Energy gave awards to TerraPower and X-energy to build demonstration models of their advanced reactor designs and NuScale to deploy the first U.S. small modular reactor plant (12 modules) at the Idaho National Laboratory. The U.S. International Development Finance Corp. signed a letter of intent to finance NuScale's development of 2,500 megawatts of electricity generation in South Africa (42 modules). The DOC finalized a 20-year extension to the Russian Suspension Agreement to reduce U.S. imports of uranium from Russia. The measure offering the greatest support for U.S. uranium miners and the U.S. uranium converter is the annual $150 million strategic uranium reserve which will be determined in 2021 congressional budget deliberations after the U.S. election.
  • Uranium Market: Due to mine closures of the past few years and recent COVID related uranium supply disruptions, uranium markets are set for recovery from almost a decade of oversupply in the post-Fukushima era. The largest uranium companies in the world are purchasing nuclear fuel on the spot market to fulfill supply contract deliveries. On the supply side of the market, both primary and secondary supplies are declining. On the demand side of the market, utility uncovered requirements are at a cycle high, worldwide about 50 nuclear reactor new builds are scheduled to come online in the next 5+ years, and additional Japanese nuclear reactor restarts have received approvals.

As a result of these many positive macro factors, multiple analysts are projecting a repricing of uranium in the 2022/2023 timeframe.  Western remains positioned to quickly reinitiate production once fundamentals are better reflected in market pricing.

A bout Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.

Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or a "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements").  Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans;  whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com , for a more detailed review of those risk factors.  Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
George Glasier
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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Western Uranium and Vanadium

Western Uranium and Vanadium

Overview

Western Uranium and Vanadium Corp. (CSE:WUC,OCTQX:WSTRF) is a near term producer of uranium and vanadium with six uranium-vanadium properties in western Colorado and eastern Utah. The company has also acquired and advanced to a production scale a patent-protected ablation technology that reduces the amount of pre-ablation material to 10 to 20 percent of its mass while maintaining 85 to 95 percent of the mineralization.

Western Uranium and Vanadium’s ablation technology has garnered the attention of many mining companies as it significantly reduces the costs of processing vanadium and uranium from sandstone deposits. In the case where 90 percent of the waste is removed, this technology would also reduce approximately 90 percent downstream processing and transportation costs. Additionally, the process has environmental applications for the remediation and reclamation of waste rock, protore and low-grade stockpiles created from legacy uranium mines.

Western Uranium and Vanadium has assembled a resource portfolio containing a core group of permitted and developed mines that are low CAPEX and OPEX to be brought into production. The company’s primary focus is on its Sunday Mine Complex in Colorado. The property hosts five fully-permitted and developed vanadium-uranium mines that Western Uranium and Vanadium is focusing its efforts to bring back into production in the near term. These mines were last in production in 2009.

As a result of ongoing discussions with several prospective vanadium customers, Western Uranium and Vanadium has initiated the re-opening of the Sunday Mine Complex. This program has been commenced with the goal of providing samples for evaluation in customer’s existing processing facilities and for further definition of the vanadium resource. Once completed, the 2015 technical report is expected to be updated accordingly. The ultimate end goal is to sign an offtake agreement that supports the restart economics to place the mine back into production. It is contemplated that the project can be initiated with the restart of two of the five mines and additional mines can be brought online to support offtake demand.

As Sunday Mine Complex is brought back in operation, Western Uranium and Vanadium intends to work towards bringing additional projects into production funded through the revenue generated at the Sunday Mine Complex. The company’s two other permitted and developed properties, Sage and Van 4, are expected to be the sixth and seventh mines developed and brought into production. Thereafter the company’s focus is expected to shift to the San Rafael, Hansen-Taylor Ranch and Dunn properties which need to enter the permitting phase prior to the development of those projects.

In addition to the low CAPEX and OPEX model that Western Uranium and Vanadium has been founded upon, Western Uranium and Vanadium President and CEO George Glasier brings a wealth of experience in acquiring and moving uranium and vanadium projects into production, having been the founder of Energy Fuels Inc. (TSX:EFR, NYSEMKT:UUUU), a leading producer of uranium and vanadium in the US. Additionally, Glasier notably holds 18 percent of Western’s shares.

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