Western Uranium & Vanadium Corp.

Pre-production uranium/vanadium miner with going-concern doubt and no meaningful operating revenue yet.

Strengths

• Strong liquidity (current ratio 8.1) and rising uranium prices support the thesis
• Permitted Sunday Mine Complex and proprietary Kinetic Separation optionality

Risks

• Going concern; net loss $7.2M, accumulated deficit $36M, deeply negative operating margin (7th pct)
• Dependent on equity/debt financing and volatile commodity prices to reach production

Notable findings

• Going concernAs such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund our planned operations over the next twelve months
• Net lossNet loss (net margin -1686.7%)
• Chronic dilutionShare count +14%/yr over 3y (dilution, book value/share -31%)