WESTERN URANIUM&VANADIUM - WSTRF STOCK NEWS

Western Uranium & Vanadium Corp (OTCQX: WSTRF) has announced key company updates. The company welcomed Nathan Bishop as Lead Geologist, bringing nearly 20 years of geological experience to oversee their underground drilling program at the Sunday Mine Complex (SMC). The company has completed over 30,000 linear feet of horizontal drilling in 2024, with teams transitioning to a 7-day on/7-day off, 12-hour shift schedule to accelerate progress.

Additionally, Western has granted 1,375,000 stock options to officers, directors, and employees, exercisable at CAD$1.32 per share, vesting in three instalments between January 2025 and January 2026.

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.

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) has executed a binding Stock Purchase Agreement to acquire 100% of Pinon Ridge (PRC) for approximately USD830,000. This acquisition includes a 900-acre property in Montrose County, Colorado, marking Western's second property acquisition after the Maverick Mineral Processing Plant site in Utah. The strategy aims to develop and license uranium and vanadium processing facilities to optimize transportation and processing costs for Western's resources in Colorado and Utah.

The PRC Site, previously licensed for a uranium mill, offers unique opportunities to leverage historical licenses, data, and resources. Western plans to implement a next-generation conventional mill design with a kinetic separation circuit for pre-milling processing. The company is considering various financing approaches, including third-party ownership or co-ownership of the Sites.

Western Uranium & Vanadium Corp. (WSTRF) has provided several company updates. Michael Skutezky, with over 40 years of experience in the resource sector, was elected as a new independent director and granted 100,000 stock options. At the Sunday Mine Complex, mining teams are advancing a 2,700-foot drift towards the Leonard & Clark deposit, with 454 feet developed so far. The underground drilling program has completed 12,339 linear feet in Q2.

The company is also developing the San Rafael Uranium Project in Utah as its second production facility. Western has submitted a Notice of Intent to the BLM and expects approval for mineral and groundwater exploration within 30 days. A phase 1 drilling program is planned for 2024, including the installation of groundwater monitoring wells and assessment of mineralization against historical data.

Western Uranium & Vanadium Corp. (CSE: WUC, OTCQX: WSTRF) announced the outcomes of its Annual General and Special Meeting held on June 27, 2024, in Montrose, Colorado. Proxy votes represented 49% of the issued shares. All proposals, as outlined in the management information circular from May 21, 2024, were approved.

The board size increased from three to four directors, with George Glasier, Bryan Murphy, Andrew Wilder, and Michael Skutezky elected. MNP LLP was re-appointed as the company's auditor, and the board was authorized to set their remuneration.

Management re-appointments include George Glasier as President and CEO, Robert Klein as CFO, Michael Rutter as COO, and Denis Frawley as Corporate Secretary. Bryan Murphy remains Chairman of the Board, and Andrew Wilder continues as Chairman of the Audit Committee, which now includes Michael Skutezky.

Western Uranium & Vanadium Corp. provides updates on uranium markets and company operations, including the impact of the Prohibiting Russian Uranium Imports Act, Energy Fuels' buying program, a joint venture with Rimrock Exploration and Development Inc., and ongoing mining operations and processing plant developments.

Western Uranium & Vanadium Corp. will present at the Metals & Mining Virtual Investor Conference today. George Glasier, CEO, will speak and take questions live. The company is ramping up uranium and vanadium production at its Sunday Mine Complex.