Western Uranium & Vanadium Corp. Files Q1 2024 10-Q

TL;DR

Western Uranium & Vanadium Corp. filed its Q1 2024 10-Q. Check financials.

AI Summary

Western Uranium & Vanadium Corp. filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as Homeland Uranium Inc. and Western Uranium Corp., is incorporated in Ontario, Canada. Its principal executive offices are located at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada. The filing covers the company's financial performance and operations for the specified quarter.

Why It Matters

This filing provides investors and stakeholders with an update on Western Uranium & Vanadium Corp.'s financial health and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing and does not inherently present new risks.

Key Players & Entities

• Western Uranium & Vanadium Corp. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• Ontario, Canada (location) — Jurisdiction of incorporation
• 330 Bay Street, Suite 1400, Toronto, Ontario, Canada (location) — Principal executive offices address
• Homeland Uranium Inc. (company) — Former company name
• Western Uranium Corp. (company) — Former company name

FAQ

Filing Documents

• ea0206325-10q_western.htm (10-Q) — 549KB
• ea020632501ex31-1_western.htm (EX-31.1) — 10KB
• ea020632501ex31-2_western.htm (EX-31.2) — 10KB
• ea020632501ex32-1_western.htm (EX-32.1) — 6KB
• ea020632501ex95_western.htm (EX-95) — 23KB
• 0001213900-24-045250.txt ( ) — 3722KB
• wstrf-20240331.xsd (EX-101.SCH) — 49KB
• wstrf-20240331_cal.xml (EX-101.CAL) — 26KB
• wstrf-20240331_def.xml (EX-101.DEF) — 167KB
• wstrf-20240331_lab.xml (EX-101.LAB) — 335KB
• wstrf-20240331_pre.xml (EX-101.PRE) — 162KB
• ea0206325-10q_western_htm.xml (XML) — 427KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

Financial Statements

Item 1.Financial Statements 1 Condensed Interim Consolidated Balance Sheets (Unaudited) 1 Condensed Interim Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) 2 Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 3 Condensed Interim Consolidated Statements of Cash Flows (Unaudited) 4 Notes to the Condensed Interim Consolidated Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1a.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 28 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 i PART I. FINANCIAL INFORMATION Item 1. Financial Statements WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Stated in USD) (Unaudited) As of March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 11,526,118 $ 9,217,585 Restricted cash, current portion 75,075 75,075 Prepaid expenses 252,751 382,314 Marketable securities 566 385 Other current assets 132,331 131,255 Total current assets 11,986,841 9,806,614 Restricted cash, net of current portion 676,442 676,369 Property, plant & equipment and mineral properties, net 15,216,339 14,926,289 Kinetic separation intellectual property 9,488,051 9,488,051 Total assets $ 37,367,673 $ 34,897,323 Liabilities and Shareholders' Equity Liabilities Current liabilities: Accounts payable and accrued liabilities $ 734,255 $ 761,123 Reclamation liability, current portion 75,057 75,057 Total current liabilities 809,312 836,180 Reclamation liability, net of current portion 244,557 241,562 Deferred tax liability 2,708,887 2,708,887 Deferred contingent consideration 325,800 340,650 Total liabilities 4,088,556 4,127,279 Shareholders' Equity Common shares, no par value, unlimited authorized shares, 55,223,419 and 50,002,395 shares issued as of March 31, 2024 and December 31, 2023, respectively, and 55,223,113 and 50,002,089 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 54,790,230 49,661,910 Treasury shares, 306 shares held in treasury as of March 31, 2024 and December 31, 2023 - - Accumulated deficit ( 21,294,745 ) ( 18,817,857 ) Accumulated other comprehensive loss ( 216,368 ) ( 74,009 ) Total shareholders' equity 33,279,117 30,770,044 Total liabilities and shareholders' equity $ 37,367,673 $ 34,897,323 The accompanying notes are an integral part of these unaudited condensed interim consolidated fin

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View this 10-Q filing on SEC EDGAR