2023 Q1 Form 10-Q Financial Statement

#000121390023040870 Filed on May 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $166.0K $156.2K
YoY Change 6.24% 866.77%
Cost Of Revenue $605.1K $289.0K
YoY Change 109.35% 503.93%
Gross Profit -$439.1K -$132.8K
YoY Change 230.64% 318.96%
Gross Profit Margin -264.57% -85.01%
Selling, General & Admin $701.2K $1.039M
YoY Change -32.49% 303.24%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.62K $5.910K
YoY Change 638.04% 122.18%
% of Gross Profit
Operating Expenses $1.306M $1.039M
YoY Change 25.77% 303.24%
Operating Profit -$1.140M -$1.171M
YoY Change -2.66% 304.96%
Interest Expense $38.04K -$2.160K
YoY Change -1861.11% -7.69%
% of Operating Profit
Other Income/Expense, Net -$1.240K -$2.580K
YoY Change -51.94%
Pretax Income -$1.104M -$1.174M
YoY Change -5.97% 302.46%
Income Tax
% Of Pretax Income
Net Earnings -$1.104M -$1.174M
YoY Change -5.97% 302.45%
Net Earnings / Revenue -664.88% -751.2%
Basic Earnings Per Share -$0.03 -$0.03
Diluted Earnings Per Share -$0.03 -$28.59K
COMMON SHARES
Basic Shares Outstanding 43.60M shares 41.05M shares
Diluted Shares Outstanding 43.60M shares 41.05M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.435M $2.800M
YoY Change 201.27% -32.08%
Cash & Equivalents $8.435M $3.539M
Short-Term Investments $570.00 $1.740K
Other Short-Term Assets $129.0K $4.693M
YoY Change -97.25% 2173.0%
Inventory
Prepaid Expenses $166.0K
Receivables
Other Receivables
Total Short-Term Assets $8.806M $7.493M
YoY Change 17.52% 73.1%
LONG-TERM ASSETS
Property, Plant & Equipment $13.38M $12.14M
YoY Change 10.17% 2.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $676.4K $665.4K
YoY Change 1.65% -20.0%
Total Long-Term Assets $23.54M $22.30M
YoY Change 5.59% 0.81%
TOTAL ASSETS
Total Short-Term Assets $8.806M $7.493M
Total Long-Term Assets $23.54M $22.30M
Total Assets $32.35M $29.79M
YoY Change 8.59% 12.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $414.3K $340.3K
YoY Change 21.74% -2.25%
Accrued Expenses $146.7K $164.0K
YoY Change -10.54% 12.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $663.7K $643.9K
YoY Change 3.07% 1.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $562.8K $601.3K
YoY Change -6.4% -15.08%
Total Long-Term Liabilities $562.8K $601.3K
YoY Change -6.4% -15.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $663.7K $643.9K
Total Long-Term Liabilities $562.8K $601.3K
Total Liabilities $3.935M $3.954M
YoY Change -0.47% -2.38%
SHAREHOLDERS EQUITY
Retained Earnings -$14.98M
YoY Change
Common Stock $43.65M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.41M $25.84M
YoY Change
Total Liabilities & Shareholders Equity $32.35M $29.79M
YoY Change 8.59% 12.65%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.104M -$1.174M
YoY Change -5.97% 302.45%
Depreciation, Depletion And Amortization $43.62K $5.910K
YoY Change 638.04% 122.18%
Cash From Operating Activities -$629.9K -$1.087M
YoY Change -42.06% 283.48%
INVESTING ACTIVITIES
Capital Expenditures $623.6K -$369.9K
YoY Change -268.59% 469.08%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$623.6K -$369.9K
YoY Change 68.59% 469.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.354M
YoY Change -13.32%
NET CHANGE
Cash From Operating Activities -$629.9K -1.087M
Cash From Investing Activities -$623.6K -369.9K
Cash From Financing Activities 3.354M
Net Change In Cash -$1.247M 1.897M
YoY Change -165.76% -46.13%
FREE CASH FLOW
Cash From Operating Activities -$629.9K -$1.087M
Capital Expenditures $623.6K -$369.9K
Free Cash Flow -$1.254M -$717.2K
YoY Change 74.78% 228.26%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. By their nature, these estimates are subject to measurement uncertainty, and the effects on the condensed consolidated financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include the determination of the fair value of transactions involving common shares, assessment of the useful life and evaluation for impairment of Kinetic Separation intellectual property, valuation and impairment assessments of mineral properties and equipment, valuation of deferred contingent consideration, valuation of the reclamation liability, valuation of stock-based compensation, and valuation of available-for-sale securities. Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
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CY2023Q1 wstrf Mineral Assets Equipment And Kinetic Separation Intellectual Property And Other Property
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-variant: small-caps; text-transform: uppercase"><b>NOTE 4 – MINERAL ASSETS equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mining properties acquired on August 18, 2014 that the Company retains as of March 31, 2023 include: The San Rafael Uranium Project located in Emery County, Utah; The Sunday Mine Complex located in western San Miguel County, Colorado; The Van 4 Mine located in western Montrose County, Colorado; The Sage Mine located in San Juan County, Utah, and San Miguel County, Colorado. These mining properties include leased land in the states of Colorado and Utah. None of these mining properties were operational at the date of acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mining properties acquired on September 16, 2015 that the Company retains as of March 31, 2023 include Hansen, North Hansen and Hansen Picnic Tree located in Fremont and Teller Counties, Colorado. The Company also acquired the Keota project located in Weld County, Colorado and the Ferris Haggerty project located in Carbon County Wyoming. These mining assets include both owned and leased land in the states of Utah, Colorado, and Wyoming. All of the mining assets represent properties which have previously been mined, to different degrees, for uranium.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the Company has not formally established proven or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mineral properties and equipment, net and kinetic separation intellectual property are:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of <br/>March 31,<br/> 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of <br/>December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Mineral properties and equipment, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13,378,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,798,904</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Kinetic separation intellectual property</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,488,051</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,488,051</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Mineral Properties and Equipment </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2023 and 2022, Western made purchases of $623,623 and $369,900, which principally consisted of mining equipment and vehicles, to increase mining capacity. During the three months ended March 31, 2023 and 2022, depreciation expense was $43,618 and $5,908, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Oil and Gas Lease and Easement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an oil and gas lease that became effective with respect to minerals and mineral rights owned by the Company of approximately 160 surface acres of the Company’s property in Colorado. As consideration for entering into the lease, the lessee has agreed to pay the Company a royalty from the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest. The Company has also received cash payments from the lessee related to the easement that the Company is recognizing incrementally over the eight year term of the easement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 23, 2020, the same entity, as discussed above, elected to extend the oil and gas lease easement for three additional years, commencing on the date the lease would have previously expired. During 2021, the operator completed a first set of eight (8) wells which commenced oil and gas production by August 2021. During 2022, the operator completed a second set of eight (8) wells which commenced oil and gas production by August 2022. Monthly royalty payments are ongoing on the sixteen (16) wells.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2023 and 2022 the Company recognized aggregate revenue of $165,975 and $156,226, respectively, under these oil and gas lease arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reclamation Liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s mines are subject to certain asset retirement obligations, which the Company has recorded as reclamation liabilities. The reclamation liabilities of the United States mines are subject to legal and regulatory requirements, and estimates of the costs of reclamation are reviewed periodically by the applicable regulatory authorities. The reclamation liability represents the Company’s best estimate of the present value of future reclamation costs in connection with the mineral properties. The Company determined the gross reclamation liabilities of the mineral properties to be $751,424 and $751,405 as of March 31, 2023 and December 31, 2022, respectively. The Company expects to begin incurring the reclamation liability after 2054 for all mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4%. The net discounted aggregated values as of March 31, 2023 and December 31, 2022 were $303,018 and $300,276, respectively. The gross reclamation liabilities as of March 31, 2023 and December 31, 2022 are secured by financial warranties in the amount of $751,424 and $751,405, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reclamation liability activity for the three months ended March 31, 2023 and 2022 consists of:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">For the Three Months Ended<br/> March 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Beginning balance at January 1</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300,276</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">271,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; text-align: justify">Accretion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,742</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,577</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Ending Balance at March 31</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">303,018</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">274,197</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-variant: small-caps; text-transform: uppercase"><b><i> </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sunday Mine Complex Permitting Status </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-transform: uppercase"><b><i> </i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 4, 2020, the Colorado DRMS sent a Notice of Hearing to Declare Termination of Mining Operations related to the status of the mining permits issued by the state of Colorado for the Sunday Mine Complex. At issue was the application of an unchallenged Colorado Court of Appeals Opinion for a separate mine (Van 4) with very different facts that are retroactively modifying DRMS rules and regulations. The Company maintains that it was timely in meeting existing rules and regulations. The hearing was scheduled to be held during several monthly MLRB Board meetings, but this matter was delayed several times. The permit hearing was held during the MLRB Board monthly meeting on July 22, 2020. At issue was the status of the five existing permits which comprise the Sunday Mine Complex. Due to COVID-19 restrictions, the hearing took place utilizing a virtual-only format. The Company prevailed in a 3 to 1 decision which acknowledged that the work completed at the Sunday Mine Complex under DRMS oversight was timely and sufficient for Western to maintain these permits. In a subsequent July 30, 2020 letter, the DRMS notified the Company that the status of the five permits (Sunday, West Sunday, St. Jude, Carnation, and Topaz) had been changed to “Active” status effective June 10, 2019, the original date on which the change of the status was approved. On August 23, 2020, the Company initiated a request for Temporary Cessation status for the Sunday Mine Complex as the mines had not been restarted within a 180-day window due to the direct and indirect impacts of the COVID-19 pandemic. Accordingly, a permit hearing was scheduled for October 21, 2020 to determine Temporary Cessation status. In a unanimous vote, the MLRB approved Temporary Cessation status for each of the five Sunday Mine Complex permits (Sunday, West Sunday, St. Jude, Carnation, and Topaz). On October 9, 2020, the MLRB issued a board order which finalized the findings of the July 22, 2020 permit hearing. On November 10, 2020, the MLRB issued a board order which finalized the findings of the October 21, 2020 permit hearing. On November 6, 2020, the MLRB signed an order placing the five Sunday Mine Complex mine permits into Temporary Cessation. On November 12, 2020, a coalition of environmental groups (the “Plaintiffs”) filed a complaint against the MLRB seeking a partial appeal of the July 22, 2020 decision by requesting termination of the Topaz Mine permit. On December 15, 2020, the same coalition of environmental groups amended their complaint against the MLRB seeking a partial appeal of the October 21, 2020 decision requesting termination of the Topaz Mine permit. The Company has joined with the MLRB in defense of their July 22, 2020 and October 21, 2020 decisions. On May 5, 2021, the Plaintiffs in the Topaz Appeal filed an opening brief with the Denver District Court seeking to overturn the July 22, 2020 and October 21, 2020 MLRB permit hearing decisions on the Topaz Mine permit. The MLRB and the Company were to respond with an answer brief within 35 days on or before June 9, 2021, but instead sought a settlement. The judicial review process was delayed as extensions were put in place until August 20, 2021. A settlement was not reached, and the MLRB and the Company submitted answer briefs on August 20, 2021. The Plaintiff submitted a reply brief on September 10, 2021. On March 1, 2022, the Denver District Court reversed the MLRB’s orders regarding the Topaz Mine and remanded the case back to MLRB for further proceedings consistent with its order. The Company and the MLRB had until April 19, 2022 to appeal the Denver District Court’s ruling. Neither the Company nor the MLRB appealed the Denver District Court ruling. Subsequently on March 20, 2023, the MLRB issued a board order for the Company to commence final reclamation, which upon completion will terminate mining operations at the Topaz Mine. Reclamation is to commence immediately at the Topaz Mine and is to be completed within five years by March 2028. The Company is currently working toward the completion of an updated Topaz Mine Plan of Operations which is a separate federal requirement of the BLM for the conduct of mining activities on the federal land at the Topaz Mine and needed to re-permit the Topaz Mine with Colorado’s DRMS.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Kinetic Separation Intellectual Property</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Kinetic Separation intellectual property was acquired in Western’s acquisition of Black Range on September 16, 2015. Previously Black Range acquired its Kinetic Separation assets in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a 25-year license to utilize all of the patented and unpatented technology owned by the joint venture. The technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040. There are no remaining license fee obligations, and there are no future royalties due under the agreement. The Company has the right to sub-license the technology to third parties. The Company may not sell or assign the Kinetic Separation license; however, the license could be transferred in the case of a sale of the Company. The Company has developed improvements to Kinetic Separation during the term of the license agreement and retains ownership of, and may obtain patent protection on, any such improvements developed by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Kinetic Separation patent was filed on September 13, 2012 and granted on February 14, 2014 by the United States Patent Office. The patent is effective for a period of 20 years until September 13, 2032. This patent is supported by two provisional patent applications. The provisional patent applications expired after one year but were incorporated in the U.S. Patent by reference and claimed benefit prior to their expirations. The status of the patent and two provisional patent applications has not changed subsequent to the 2014 patent grant. The Company has the continued right to use any patented portion of the Kinetic Separation technology that enters the public domain subsequent to the patent expiration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company anticipates Kinetic Separation will improve the efficiency of the mining and processing of the sandstone-hosted ore from Western’s conventional mines through the separation of waste from mineral bearing-ore, potentially reducing transportation, mill processing, and mill tailings costs. Kinetic Separation is not currently in use or being applied at any Company mines. The Company views Kinetic Separation as a cost saving technology, which it will seek to incorporate into ore production subsequent to commencing scaled production levels. There are also alternative applications, which the Company has explored.</p>
CY2023Q1 us-gaap Mineral Properties Net
MineralPropertiesNet
13378909 usd
CY2022Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
12798904 usd
CY2023Q1 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
9488051 usd
CY2022Q4 wstrf Kinetic Separation Intellectual Property
KineticSeparationIntellectualProperty
9488051 usd
CY2023Q1 wstrf Mining Equipment Purchases
MiningEquipmentPurchases
623623 usd
CY2022Q1 wstrf Mining Equipment Purchases
MiningEquipmentPurchases
369900 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
43618 usd
CY2023Q1 wstrf Reclamation Liability Description
ReclamationLiabilityDescription
The Company expects to begin incurring the reclamation liability after 2054 for all mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4%. The net discounted aggregated values as of March 31, 2023 and December 31, 2022 were $303,018 and $300,276, respectively.
CY2023Q1 wstrf Gross Reclamation Liabilities
GrossReclamationLiabilities
751424 usd
CY2022Q4 wstrf Gross Reclamation Liabilities
GrossReclamationLiabilities
751405 usd
CY2022Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
300276 usd
CY2021Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
271620 usd
CY2023Q1 wstrf Accretion Reclamation Obligation
AccretionReclamationObligation
2742 usd
CY2022Q1 wstrf Accretion Reclamation Obligation
AccretionReclamationObligation
2577 usd
CY2023Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
303018 usd
CY2022Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
274197 usd
CY2023Q1 wstrf Kinetic Separation Intellectual Property Description
KineticSeparationIntellectualPropertyDescription
The Kinetic Separation intellectual property was acquired in Western’s acquisition of Black Range on September 16, 2015. Previously Black Range acquired its Kinetic Separation assets in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a 25-year license to utilize all of the patented and unpatented technology owned by the joint venture. The technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040.
CY2014Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P20Y
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
414247 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
403705 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
146702 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
147910 usd
CY2023Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
560949 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
551615 usd
CY2023Q1 wstrf Aggregate Warrant Were Exercised
AggregateWarrantWereExercised
268204 shares
CY2023Q1 wstrf Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
341850 usd
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
12198 usd
CY2023Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
35252 usd
CY2022 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
87221 usd
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
Western Uranium & Vanadium Corp.
CY2023Q1 wstrf Unamortized Stock Option Expense
UnamortizedStockOptionExpense
98159 usd
CY2023Q1 wstrf Mining Costs
MiningCosts
276139 usd
CY2022Q1 wstrf Mining Costs
MiningCosts
259870 usd
CY2023Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
298866 usd
CY2023Q1 wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
27946 usd
CY2022Q1 wstrf Payments To Acquire Mining Permits
PaymentsToAcquireMiningPermits
27767 usd
CY2023Q1 wstrf Royalties
Royalties
2153 usd
CY2022Q1 wstrf Royalties
Royalties
1401 usd
CY2023Q1 wstrf Mining Expenditures
MiningExpenditures
605104 usd
CY2022Q1 wstrf Mining Expenditures
MiningExpenditures
289038 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
334867 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
340252 usd
CY2023Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
17925 usd
CY2023Q1 us-gaap Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
usd
CY2022Q1 wstrf Increase Decrease In Contingent Consideration
IncreaseDecreaseInContingentConsideration
usd
CY2023Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001621906
CY2023Q1 dei Security Exchange Name
SecurityExchangeName
NONE
CY2023Q1 dei Trading Symbol
TradingSymbol
WSTRF

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