Western Uranium and Vanadium Corp has signed an ore purchase agreement with NYSE-listed Energy Fuels, as it moves to generate revenue from its stockpiled ore at the Sunday mine complex in Colorado.
Under the one-year agreement, Western will deliver up to 25 000 t of uranium-bearing ore to Energy Fuels’ White Mesa mill in Utah – the only operational conventional uranium and vanadium mill in the US. Deliveries are expected to begin in early May.
The purchase price will be based on the uranium grade of each closed lot, in accordance with an agreed pricing schedule.
“This agreement strengthens Western’s strategic position and accelerates our generation of revenues, while rewarding shareholder investments that have yielded our current stockpiles,” said Western CEO George Glasier.
“The collaboration with Energy Fuels provides synergies and leverage for both companies, while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources.
Western is ramping up high-grade uranium and vanadium production at the Sunday mine complex, located in the historically significant Uravan Mineral Belt. The company also holds conventional uranium and vanadium projects in Colorado and Utah.