Western Uranium & Vanadium Corp. reported a net loss of $2.64 million for the first quarter of 2025, compared to a loss of $2.48 million in the same period of 2024. The company's revenues decreased by 24% to $41,221, down from $54,273, primarily due to lower oil and gas production volumes and declining oil prices. Total operating expenses rose to $2.71 million, an increase of 5% from the previous year, driven by higher mining expenditures, which increased by 29% to $1.69 million as the company scaled up operations at its Sunday Mine Complex.
The company's financial position showed a decline in total assets, which decreased to $31.49 million from $33.92 million at the end of 2024. Cash and cash equivalents also fell significantly to $2.77 million from $5.48 million. Shareholders' equity decreased to $27.44 million, down from $29.82 million, reflecting an accumulated deficit that grew to $31.57 million. The company’s working capital stood at $2.55 million as of March 31, 2025.
Strategically, Western Uranium & Vanadium has been focusing on expanding its mining operations and developing its processing capabilities. The company entered into an Ore Purchase Agreement with subsidiaries of Energy Fuels Inc. to deliver up to 25,000 short tons of uranium-bearing ore, which is expected to enhance revenue streams. Additionally, the company is advancing its Mustang Mineral Processing Plant project, which is anticipated to utilize its patented Kinetic Separation technology to improve processing efficiency.
Operationally, the company has been increasing its workforce and investing in mining services and supplies to support its expanded activities. As of March 31, 2025, the company had 59,386,546 common shares outstanding, reflecting a slight increase from the previous quarter. However, the company continues to face challenges in raising capital, which is critical for sustaining operations and funding future projects. Management has indicated that additional financing will be necessary to support ongoing operations and development plans, raising concerns about the company's ability to continue as a going concern.
Looking ahead, Western Uranium & Vanadium remains focused on securing financing and regulatory approvals to advance its projects. The company anticipates that the demand for uranium will continue to grow, driven by geopolitical factors and a shift towards nuclear energy. However, the company acknowledges the risks associated with market conditions and its reliance on external funding to achieve its operational goals.
About Western Uranium & Vanadium Corp.
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