Western Uranium to acquire 240 acres of Colorado claims

Executive Summary

• Western Uranium & Vanadium Corp. entered a definitive agreement to acquire unpatented mineral lode claims in Montrose County, Colorado for $250,000, securing a 50 % ownership interest.
• The transaction is expected to close in October pending due‑diligence; the property lies within 10 mi of the planned Mustang processing plant and shows historic drill grades above regional averages.
• An additional 500 acres of surrounding claims have been staked to expand the resource base, and a potential related‑party transaction may be pursued with CEO George Glasier’s personal interest in the adjacent claim package.

Key Details

• Purchase Price: US$250,000 cash for a 50 % ownership stake in the drilled‑out deposit.
• Land Size: Core claim area ≈ 240 acres; additional surrounding claims staked add ≈ 500 acres of exploration potential.
• Location: Bureau of Land Management land, Montrose County, Colorado; < 10 mi from proposed Mustang mineral processing plant.
• Closing Timeline: Anticipated October 2026, subject to completion of due‑diligence.
• Strategic Rationale: Proximity to processing facility reduces haul distance; historic drill grades exceed Long Park district averages, indicating potential for higher‑margin uranium/vanadium production.
• Related‑Party Consideration: CEO George Glasier may offer his personal interest in the adjacent claim package to the company under terms to be determined; such a deal would qualify as a related‑party transaction per NI 61‑101.
• Historical Context: Original owners (Nuclear Dynamics Inc.) commissioned an ore reserve report in 1980 based on 175 drill holes (1977‑1980); the report predates modern NI 43‑101 standards and is not being relied upon.

Notable Quotes

(No direct quotes provided in the release.)