History
Western Uranium & Vanadium funded itself through small share placements and, in 2024, bought the Pinon Ridge mill site it first planned to use in 2016.
2016-2018: A route to processing
Western Uranium & Vanadium is an Ontario-incorporated explorer working in Colorado and Utah. In November 2016 it signed a letter of intent with Pinon Ridge Corporation to process its ore at Pinon Ridge's licensed mill site in Colorado, using Western's own "ablation" technology. The aim was to produce finished uranium oxide (U3O8) and vanadium without building a mill of its own.
The company paid its way through private placements, which sell new shares and so dilute existing holders. In August 2018 it raised CAD$3.0 million in two tranches at only Cdn$0.68 per unit, roughly a third of the 2017 raise price, reflecting a deeply depressed uranium market. Shares on issue rose from 16,230,733 at the end of 2015 to 25,976,837 at the end of 2018.
2019-2024: Quiet years, then ownership
The record for these years is largely quiet. In May 2023 the company adopted a three-year shareholder rights plan, a so-called poison pill, designed to ensure fair treatment of shareholders if a hostile takeover bid arose. It was put to shareholders for ratification at the June 2023 annual meeting. No bidder was named.
In October 2024 Western completed the purchase of Pinon Ridge Corporation for about US$830,000. That gave it outright ownership of the roughly 900-acre Montrose County, Colorado site, which held a licensed but never-built uranium processing plant, and turned the 2016 arrangement into full ownership. About $438,000 of the price went to insiders: CEO George Glasier and an affiliate of former CFO Andrew Wilder. An independent board committee reviewed the related-party deal.
2025: A larger raise
On 24 October 2025 Western completed an underwritten private placement of 6,555,556 units at Cdn$0.90, raising about CAD$5.9 million. It was the company's largest raise in years, with A.G.P. Canada Investments as underwriter. At the end of 2025, Western owned the Pinon Ridge site and had 71,853,888 shares on issue.
Written from the 5 story beats below (2016 to 24 Oct 2025), which come from the company's own announcements and filings.