Western Uranium & Vanadium to Acquire Uranium Claims

Core Viewpoint - Western Uranium & Vanadium Corp. has entered into a definitive agreement to acquire unpatented mineral lode claims, securing a 50% ownership interest in a uranium/vanadium resource property located on approximately 240 acres in Montrose County, Colorado, for US$250,000, with the transaction expected to close in October 2025 after due diligence [1][2]. Group 1: Acquisition Details - The acquisition is strategically valuable due to its proximity, less than 10 miles, to the proposed Mustang Mineral Processing Plant site, which enhances logistical efficiency [2]. - The property has shown historic drill grades that exceed the production averages of the Long Park Mining District, indicating potential for higher margin resources [2]. - The company has staked an additional 500 acres surrounding the property to expand its mineral resource exploration potential [2]. Group 2: Historical Context - The property was originally acquired in 1996 by two private partners, each holding a 50% interest, leveraging their expertise in geology and surveying [3]. - Following the passing of one partner in 2013, the remaining interest was acquired by the company's CEO, George Glasier, consolidating ownership [3]. - The remaining original partner recently offered his interest to Mr. Glasier, who presented the opportunity to the company, leading to the current acquisition [4]. Group 3: Technical and Regulatory Aspects - An independent ore reserve calculation report, known as the Thamm Report, was prepared in 1980 based on data from 175 drill holes but is not current or public due to outdated calculation methods [5]. - The company is developing high-grade uranium and vanadium production at its Sunday Mine Complex, with additional conventional projects in Colorado and Utah [6]. - The Mustang Mineral Processing Plant is being developed to optimize economics through kinetic separation for mined material recovery [6].