- Western Uranium (WUC) has satisfied the obligations of its Uranium Concentrates Supply Agreement, signed in 2015
- Final delivery was made in April 2022 and payment was received in May 2022
- A gross profit of $3.11 million will be recognized for the second quarter uranium yellowcake sale
- Western Uranium & Vanadium is a Canada based company involved in industrial metals and mines business sector
- Western Uranium & Vanadium Corp. (WUC) was up 11.11 per cent, trading at C$1.40 per share at 2:00 pm ET
Western Uranium (WUC) has satisfied the obligations of its Uranium Concentrates Supply Agreement, signed in 2015.
The agreement was with a major U.S. utility for delivery from 2018 to 2022. Final delivery was made in April 2022, and payment was received in May 2022.
Western sold 125,000 pounds of uranium yellowcake (U3O8) at $57.04 per pound, generating gross revenues of $7.13 million. The U3O8 sold was sourced from the uranium inventory that Western acquired in its Strategic Acquisition of Physical Uranium.
This U3O8 was acquired at $32.16 per pound or a gross acquisition cost of $4.02 million. A gross profit of $3.11 million will be recognized for the second quarter of uranium yellowcake sale.
During 2022, Western has also benefited from a series of value-added transactions.
- In January, a non-brokered private placement closed yielding gross proceeds of $3.0 million.
- In March and April, investor warrant exercises produced gross proceeds of $2.3 million.
- For January to May, Western received five oil and gas royalty checks totaling $393,000.
- The company has generated approximately $12.8 million in positive cash flows during the first five months of 2022.
The company anticipates a realignment of uranium and nuclear fuel markets as the majority of the world transitions away from dependency upon Russian state-owned enterprises.
Western Uranium & Vanadium is a Canada-based company involved in the industrial metals and mines business. It focuses on exploring, developing, mining, and producing its uranium and vanadium resource properties.
Western Uranium & Vanadium Corp. (WUC) was up 11.11 per cent, trading at C$1.40 per share at 2:00 pm ET.
