Western Uranium & Vanadium Business Summary

Western Uranium & Vanadium Corp. (WSTRF) operates as a vertically integrated producer of critical minerals, primarily generating revenue through the exploration, development, and mining of uranium and vanadium resources in the western United States. The company’s business model is currently transitioning from ore sales—facilitated by a strategic Ore Purchase Agreement with Energy Fuels Inc.—to an in-house processing framework centered on the development of the Mustang Mineral Processing Plant in Colorado. This facility is designed to utilize proprietary Kinetic Separation technology, a non-chemical pre-concentration process that significantly reduces milling costs and environmental footprints by upgrading ore before conventional processing. Western’s primary assets include the flagship Sunday Mine Complex, the San Rafael Project, and the newly acquired Uranium Ridge Project. Within the domestic market, Western competes directly with Energy Fuels Inc., Uranium Energy Corp. (UEC), and enCore Energy Corp., distinguishing itself through its dual-commodity vanadium exposure and its position as a conventional miner capable of high-grade production in the Uravan Mineral Belt. The leadership team is anchored by Founder, President, and CEO George Glasier, a 40-year industry veteran who previously founded Energy Fuels Inc. and holds a Juris Doctorate from the University of Denver. He is supported by CFO Robert Klein, who brings a background in capital markets and alternative investments from his tenure as COO of Cross River Group and CFO of Five Points Capital. The operational team includes COO Robert Rutter, an expert in uranium maintenance and operations formerly with Energy Fuels, and VP of Government Affairs Grant Glasier. The Board of Directors is chaired by Bryan Murphy, a finance and M&A specialist from Magellan Limited, and includes Andrew Wilder, founder of Cross River Infrastructure Partners, and Michael Skutezky, a merchant banker with extensive resource sector legal experience. As of early 2026, the executive team maintains significant skin in the game, with CEO George Glasier recently increasing his ownership stake to approximately 7% through open-market purchases.