Western Uranium & Vanadium Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Western Uranium & Vanadium Corp. has filed its 2023 annual report, detailing its financial and operational status as a smaller reporting company.</b>

AI Summary

Western Uranium & Vanadium Corp. (WSTRF) filed a Annual Report (10-K) with the SEC on April 16, 2024. Western Uranium & Vanadium Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Ontario, Canada, with its principal executive offices located in Toronto. It operates in the Miscellaneous Metal Ores sector, SIC code 1090. The filing indicates the company is a non-accelerated filer and a smaller reporting company. Western Uranium & Vanadium Corp. has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Western Uranium & Vanadium Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's performance and financial health for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. As a non-accelerated and smaller reporting company, this filing offers insights into its regulatory compliance and reporting obligations, which may differ from larger, more established entities.

Risk Assessment

Risk Level: low — Western Uranium & Vanadium Corp. shows low risk based on this filing. The company is classified as a smaller reporting company and a non-accelerated filer, indicating a lower level of public scrutiny and disclosure requirements compared to larger entities.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Western Uranium & Vanadium Corp.'s operational performance and strategic direction.

Key Numbers

• 20231231 — Fiscal Year End (The report covers the fiscal year ending on this date.)
• 20240416 — Filing Date (The date the 10-K was filed with the SEC.)
• 000-55626 — Commission File Number (SEC file number for the company.)

Key Players & Entities

• Western Uranium & Vanadium Corp. (company) — Filer of the 10-K report.
• December 31, 2023 (date) — Fiscal year end for the report.
• 20240416 (date) — Filing date of the report.
• Ontario, Canada (location) — Jurisdiction of incorporation.
• Toronto (location) — Location of principal executive offices.
• 1090 (other) — Standard Industrial Classification code for Miscellaneous Metal Ores.

FAQ

Industry Context

The company operates within the Miscellaneous Metal Ores sector, focusing on uranium and vanadium resources.

Regulatory Implications

The filing adheres to Section 13 or 15(d) of the Securities Exchange Act of 1934 and Regulation S-T for electronic data submission.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and operational highlights.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Assess the company's classification as a smaller reporting company and non-accelerated filer for reporting context.

Year-Over-Year Comparison

This is the company's annual report for the fiscal year 2023, following its reporting requirements under the Securities Exchange Act of 1934.

Key Financial Figures

• $0.76 — ce of the registrant's common shares of $0.76 per share. As of April 15, 2024, 55,22
• $500,000 — on stock to Seller and committed to pay $500,000 AUD ($340,650 USD as of December 31, 20
• $340,650 — ller and committed to pay $500,000 AUD ($340,650 USD as of December 31, 2023) to Seller

Filing Documents

• ea0203654-10k_western.htm (10-K) — 1217KB
• ea020365401ex21-1_western.htm (EX-21.1) — 8KB
• ea020365401ex31-1_western.htm (EX-31.1) — 8KB
• ea020365401ex31-2_western.htm (EX-31.2) — 8KB
• ea020365401ex32-1_western.htm (EX-32.1) — 5KB
• ea020365401ex95_western.htm (EX-95) — 23KB
• image_001.jpg (GRAPHIC) — 13KB
• image_002.jpg (GRAPHIC) — 319KB
• image_003.jpg (GRAPHIC) — 139KB
• image_004.jpg (GRAPHIC) — 348KB
• image_005.jpg (GRAPHIC) — 81KB
• image_006.jpg (GRAPHIC) — 37KB
• 0001213900-24-033519.txt (&nbsp;) — 7858KB
• wstrf-20231231.xsd (EX-101.SCH) — 58KB
• wstrf-20231231_cal.xml (EX-101.CAL) — 38KB
• wstrf-20231231_def.xml (EX-101.DEF) — 220KB
• wstrf-20231231_lab.xml (EX-101.LAB) — 477KB
• wstrf-20231231_pre.xml (EX-101.PRE) — 235KB
• ea0203654-10k_western_htm.xml (XML) — 585KB

FORWARD-LOOKING STATEMENTS AND INTRODUCTION

FORWARD-LOOKING STATEMENTS AND INTRODUCTION ii CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES & RESERVES ii GLOSSARY v GLOSSARY OF REGULATORY AGENCIES AND EXCHANGES vii PART I 1 ITEM 1.

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 18 ITEM 1C CYBERSECURITY 19 ITEM 2.

PROPERTIES

PROPERTIES 19 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 37 ITEM 4. MINE SAFETY DISCLOSURES 39 PART II 40 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 40 ITEM 6. [RESERVED] 40 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 52 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 52 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 52 ITEM 9B. OTHER INFORMATION. 53 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 53 PART III 54 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 54 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 56 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 58 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 62 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 63

– OTHER INFORMATION

PART IV – OTHER INFORMATION 64 ITEM 15. EXHIBITS, AND FINANCIAL STATEMENT SCHEDULES 64 ITEM 16. FORM 10-K SUMMARY 65

SIGNATURES

SIGNATURES 66 i USE OF NAMES As used in this Form 10-K annual report, unless the context otherwise requires, the terms "we," "us," "our," "Western" and "WUC", or the "Company" refer to Western Uranium & Vanadium Corp., an Ontario Canadian corporation, and its subsidiaries. CURRENCY The accounts of the Company are reported in U.S. dollars. Unless otherwise specified, all dollar amounts referenced in this Form 10-K annual report and the consolidated financial statements are stated in U.S. dollars.

FORWARD-LOOKING STATEMENTS AND INTRODUCTION

FORWARD-LOOKING STATEMENTS AND INTRODUCTION The statements contained in this document that are not purely historical are "forward-looking statements." Although we believe that the expectations reflected in such forward-looking be correct. Forward-looking statements are not guarantees of future performance and they involve various risks and uncertainties. Forward-looking for revenues, cash flows and financial performance, and intentions for the future. Such forward-looking statements are included under Item 1. "Business" and Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations". All forward-looking statements included in this document are made as of the date hereof, based on information available to us as of such date, and we assume no obligation to update any forward-looking statement. It is important to note that such statements may not prove to be accurate and that our actual results and future events could differ materially from those anticipated in such statements. Among the factors that could cause actual results to differ materially from our expectations are those described under Item 1. "Business," Item 1A. "Risk Factors" and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations". All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this section and other factors included elsewhere in this document. CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES & RESERVES On September 16, 2015, Western completed its acquisition of Black Range Minerals Limited ("Black Range"). Under United States

BUSINESS

ITEM 1. BUSINESS CORPORATE HISTORY Western Uranium & Vanadium Corp. ("Western" or the "Company", formerly Western Uranium Corporation) was incorporated in December 2006 under the Ontario Business Corporations Act. On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange ("CSE"). As part of that process, the Company acquired 100% of the members' interests of Pinon Ridge Mining LLC ("PRM"), a Delaware limited liability company. The transaction constituted a reverse takeover ("RTO") of Western by PRM. Subsequent to obtaining appropriate shareholder approvals, the Company subsequently reconstituted its board of directors and senior management team. Western is a Canadian domestic issuer and Canadian reporting issuer. On August 18, 2014, the Company closed on the purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp. Assets purchased included both owned and leased lands in Utah and Colorado, and all represent properties that have been previously mined for uranium to varying degrees in the past. The acquisition included the purchase of the Sunday Mine Complex. The Sunday Mine Complex is located in western San Miguel County, Colorado. The complex consists of the following five individual mines: the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz Mine. The operation of each of these mines requires a separate permit, and all such permits have been obtained by Western and are currently valid. In addition, each of the mines has good access to a paved highway, electric power to existing declines, office/storage/shop and change buildings, and an extensive underground haulage development with several vent shafts complete with exhaust fans. The Sunday Mine Complex is the Company's core resource property and in July 2021 was assigned "Active" status when mining operations were restarted. On September 16, 2015, Western completed its acquisition of Black Range Mi

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View this 10-K filing on SEC EDGAR