Western Uranium & Vanadium Corp.
Climate Impact & Sustainability Data (2020-12 to 2021-12, 2022)
Reporting Period: 2020-12 to 2021-12
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Continuing losses from operations.
- Accumulated deficit of $13,161,496 and working capital of $4,492,169 as of December 31, 2021.
- Contingent upon obtaining additional financing to continue operations.
- Regulatory hurdles for Kinetic Separation licensing.
- Lawsuit regarding Topaz mine permit resulting in a court order to remand the case back to MLRB for further proceedings.
- Delays in reclamation of Van 4 mine due to COVID-19 restrictions and countywide fire restrictions.
- COVID-19 impacts on reporting, regulatory matters, and operations.
- Fluctuations in uranium and vanadium prices.
- Global economic conditions.
- Competition in the uranium industry.
- Environmental regulatory requirements.
- Opposition to mining activities.
- Dependence on key personnel.
- Conflicts of interest.
- Access to mills for processing uranium/vanadium ore.
Mitigation Strategies
- Seeking additional funds through debt and equity financings.
- Securing regulatory approval to fully utilize Kinetic Separation.
- Initiating ore processing to generate operating cash flows.
- Prevailing in a 3-to-1 decision regarding Sunday Mine Complex permits.
- Obtaining Temporary Cessation status for Sunday Mine Complex permits.
- Joining with the MLRB in defense of permit decisions.
- Submitting answer briefs in the Topaz mine permit appeal.
- Working toward completion of an updated Topaz mine Plan of Operations.
- Completing three private placements in 2021, raising aggregate net proceeds of $4,304,279.
- Receiving $2,004,864 from the exercise of warrants in 2021.
- Monitoring COVID-19 and its potential impact on operations.
- Managing credit risk by monitoring customer creditworthiness and requiring pre-payment or payment security.
- Expanding mining team to facilitate mine development and full ore production.
- Acquiring a full complement of mining equipment for Sunday Mine Complex.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
Climate Goals & Targets
Medium-term Goals:
- Secure regulatory approval and fully utilize Kinetic Separation technology.
- Construct and operate a uranium and vanadium processing plant in Utah.
Short-term Goals:
- Scale up mining operations at the Sunday Mine Complex.
- Complete reclamation of the Topaz Mine.
Environmental Challenges
- Regulatory challenges related to permitting and licensing, particularly for Kinetic Separation technology.
- COVID-19 disruptions impacting operations, reporting, and regulatory interactions.
- Legal challenges related to mining permits (Topaz Mine closure and reclamation).
- Limited access to uranium and vanadium processing mills.
Mitigation Strategies
- Developing and submitting documentation for Kinetic Separation licensing.
- Implementing COVID-19 mitigation measures.
- Defending legal challenges related to mining permits.
- Planning to build its own state-of-the-art mineral processing plant in Utah.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: NI 43-101, S-K 1300