Western Uranium & Vanadium Corp. reported a net loss of $10.1 million for the fiscal year ending December 31, 2024, compared to a loss of $4.9 million in the previous year. The company's revenues decreased by 57% to $183,803, primarily due to lower production volumes from oil and gas wells, which experienced maintenance shutdowns and declining performance. Total operating expenses surged to $10.5 million, up from $5.5 million in 2023, driven by increased mining expenditures, professional fees, and general administrative costs associated with scaling up operations at the Sunday Mine Complex.
In terms of strategic developments, Western Uranium & Vanadium made significant progress in expanding its operational capabilities. The company acquired the Mustang Mineral Mill Site in October 2024, which is expected to facilitate the construction of a processing facility for uranium and vanadium. This site, along with the Maverick Minerals Mill Site, is part of Western's plan to develop processing facilities that utilize its patented Kinetic Separation technology, aimed at improving efficiency and reducing costs. The Mustang site is projected to cost approximately $75 million and is targeted to commence operations in 2029.
Operationally, Western has been focused on increasing its mining activities at the Sunday Mine Complex, which has been active since July 2021. The company has transitioned to an in-house mining operation, hiring additional personnel and acquiring equipment to support this shift. As of December 31, 2024, Western had 32 full-time employees, reflecting its commitment to scaling up operations. The company also reported stockpiled inventory of 50,289 pounds of uranium and 301,736 pounds of vanadium, which it intends to sell under a new Ore Purchase Agreement with Energy Fuels Inc.
Looking ahead, Western Uranium & Vanadium's management has indicated that the company will continue to seek additional financing to support its operations and development plans. The company has an accumulated deficit of $28.9 million and working capital of $5.2 million as of the end of 2024. The management's strategy includes pursuing equity and debt financing to fund the construction of its processing facilities and to ensure the viability of its mining operations. However, the company acknowledges that its ability to continue operations is contingent upon securing sufficient capital, raising concerns about its long-term sustainability.
About Western Uranium & Vanadium Corp.
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