Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 15, 2024 | Jun. 30, 2023 | |
Document Information Line Items | |||
Entity Registrant Name | WESTERN URANIUM & VANADIUM CORP. | ||
Trading Symbol | WSTRF | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 55,223,113 | ||
Entity Public Float | $ 29.6 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001621906 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-55626 | ||
Entity Incorporation, State or Country Code | A6 | ||
Entity Tax Identification Number | 98-1271843 | ||
Entity Address, Address Line One | 330 Bay Street | ||
Entity Address, Address Line Two | Suite 1400 | ||
Entity Address, City or Town | Toronto | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | M5H 2S8 | ||
City Area Code | (970) | ||
Local Phone Number | 864-2125 | ||
Title of 12(b) Security | N/A | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 1930 | ||
Auditor Name | MNP LLP | ||
Auditor Location | Mississauga, Canada | ||
Security Exchange Name | NONE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 9,217,585 | $ 9,682,133 |
Restricted cash, current portion | 75,075 | 75,057 |
Prepaid expenses | 382,314 | 254,105 |
Marketable securities | 385 | 612 |
Other current assets | 131,255 | 227,588 |
Total current assets | 9,806,614 | 10,239,495 |
Restricted cash, net of current portion | 676,369 | 676,348 |
Property, plant & equipment and mineral properties, net | 14,926,289 | 12,798,904 |
Kinetic separation intellectual property | 9,488,051 | 9,488,051 |
Total assets | 34,897,323 | 33,202,798 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 761,123 | 551,615 |
Reclamation liability, current portion | 75,057 | 75,057 |
Deferred revenue, current portion | 43,860 | |
Total current liabilities | 836,180 | 670,532 |
Reclamation liability, net of current portion | 241,562 | 225,219 |
Deferred tax liability | 2,708,887 | 2,708,887 |
Deferred contingent consideration | 340,650 | 340,252 |
Total liabilities | 4,127,279 | 3,944,890 |
Commitments and Contingencies (Note 6) | ||
Shareholders' Equity | ||
Common shares, no par value, unlimited authorized shares, 50,002,395 and 43,602,871 shares issued as of December 31, 2023 and 2022, respectively, and 50,002,089 and 43,602,565 shares outstanding as of December 31, 2023 and 2022, respectively | 49,661,910 | 43,394,303 |
Treasury shares, 306 shares held in treasury as of December 31, 2023 and 2022 | ||
Accumulated deficit | (18,817,857) | (13,875,263) |
Accumulated other comprehensive loss | (74,009) | (261,132) |
Total shareholders' equity | 30,770,044 | 29,257,908 |
Total liabilities and shareholders' equity | $ 34,897,323 | $ 33,202,798 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in Dollars per share) | ||
Common shares, shares authorized | Unlimited | Unlimited |
Common shares, shares issued | 50,002,395 | 43,602,871 |
Common shares, shares outstanding | 50,002,089 | 43,602,565 |
Treasury shares held in treasury | 306 | 306 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 431,065 | $ 7,858,972 |
Cost of revenues | 4,044,083 | |
Gross profit | 431,065 | 3,814,889 |
Expenses | ||
Mining expenditures | 2,951,579 | 762,333 |
Professional fees | 386,473 | 493,940 |
General and administrative | 1,884,456 | 3,246,171 |
Consulting fees | 304,457 | 91,626 |
Total operating expenses | 5,526,965 | 4,594,070 |
Operating loss | (5,095,900) | (779,181) |
Accretion and interest (income) expense, net | (158,904) | (61,414) |
Other expense (income), net | 5,598 | (4,000) |
Net loss | (4,942,594) | (713,767) |
Other comprehensive loss | ||
Foreign currency translation adjustment | 187,123 | (324,610) |
Comprehensive loss | $ (4,755,471) | $ (1,038,377) |
Net loss per share - basic (in Dollars per share) | $ (0.11) | $ (0.02) |
Weighted average shares outstanding - basic (in Shares) | 44,073,655 | 42,815,086 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Other Comprehensive Loss (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Net loss per share - diluted | $ (0.11) | $ (0.02) |
Weighted average shares outstanding - diluted | 44,073,655 | 42,815,086 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Shares | Treasury Shares | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total |
Balance at Dec. 31, 2021 | $ 36,195,510 | $ (13,161,496) | $ 63,478 | $ 23,097,492 | |
Balance (in Shares) at Dec. 31, 2021 | 39,073,122 | 306 | |||
Private placement - net of offering costs | $ 3,011,878 | 3,011,878 | |||
Private placement - net of offering costs (in Shares) | 2,495,575 | ||||
Proceeds from the exercise of warrants | $ 2,620,395 | 2,620,395 | |||
Proceeds from the exercise of warrants (in Shares) | 2,020,351 | ||||
Cashless exercise of stock options | |||||
Cashless exercise of stock options (in Shares) | 13,517 | ||||
Stock based compensation - stock options | $ 1,566,520 | 1,566,520 | |||
Foreign currency translation adjustment | (324,610) | (324,610) | |||
Net loss | (713,767) | (713,767) | |||
Balance at Dec. 31, 2022 | $ 43,394,303 | (13,875,263) | (261,132) | $ 29,257,908 | |
Balance (in Shares) at Dec. 31, 2022 | 43,602,565 | 306 | 43,602,565 | ||
Private placement - net of offering costs | $ 4,836,867 | $ 4,836,867 | |||
Private placement - net of offering costs (in Shares) | 5,215,828 | ||||
Proceeds from the exercise of warrants | $ 1,004,044 | 1,004,044 | |||
Proceeds from the exercise of warrants (in Shares) | 1,165,450 | ||||
Cashless exercise of stock options | |||||
Cashless exercise of stock options (in Shares) | 18,246 | ||||
Stock based compensation - stock options | $ 426,696 | 426,696 | |||
Foreign currency translation adjustment | 187,123 | 187,123 | |||
Net loss | (4,942,594) | (4,942,594) | |||
Balance at Dec. 31, 2023 | $ 49,661,910 | $ (18,817,857) | $ (74,009) | $ 30,770,044 | |
Balance (in Shares) at Dec. 31, 2023 | 50,002,089 | 306 | 50,002,089 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Cash Flows (Used In) Provided By Operating Activities: | ||
Net loss | $ (4,942,594) | $ (713,767) |
Reconciliation of net loss to cash (used in) provided by operating activities: | ||
Depreciation | 262,832 | 26,877 |
Loss on the sale of equipment | 5,598 | |
Accretion of reclamation liability | 12,308 | 28,656 |
Stock based compensation | 429,429 | 1,566,520 |
Change in marketable securities | 227 | 1,508 |
Change in operating assets and liabilities: | ||
Prepaid uranium concentrate inventory | 4,085,723 | |
Prepaid expenses and other current assets | (27,376) | (63,953) |
Accounts payable and accrued liabilities | 209,508 | (147,979) |
Subscription payable | (146,177) | |
Reclamation liability | 4,035 | |
Deferred revenue | (43,860) | (64,620) |
Contingent consideration | 398 | (22,542) |
Net cash (used in) provided by operating activities | (4,089,495) | 4,550,246 |
Cash Flows Used In Investing Activities | ||
Purchase of property, plant & equipment and mineral properties | (2,404,440) | (1,045,638) |
Net cash used in investing activities | (2,404,440) | (1,045,638) |
Cash Flows Provided By Financing Activities | ||
Proceeds from private placements, net | 4,836,867 | 3,011,878 |
Proceeds from warrant exercises | 1,004,044 | 2,620,395 |
Cash received from note receivable | 3,500 | |
Net cash provided by financing activities | 5,844,411 | 5,632,273 |
Effect of foreign exchange rate on cash | 185,015 | (324,610) |
Net (decrease) increase in cash and cash equivalents and restricted cash | (464,509) | 8,812,271 |
Cash and cash equivalents and restricted cash - beginning | 10,433,538 | 1,621,267 |
Cash and cash equivalents and restricted cash - ending | 9,969,029 | 10,433,538 |
Cash and cash equivalents | 9,217,585 | 9,682,133 |
Restricted cash, current portion | 75,075 | 75,057 |
Restricted cash, noncurrent | 676,369 | 676,348 |
Total cash and cash equivalents and restricted cash | 9,969,029 | 10,433,538 |
Cash paid during the period for: | ||
Interest | ||
Income taxes | ||
Noncash transactions: | ||
Notes received in exchange for equipment sold | $ 8,000 |
Business
Business | 12 Months Ended |
Dec. 31, 2023 | |
Business [Abstract] | |
BUSINESS | NOTE 1 – BUSINESS Nature of operations Western Uranium & Vanadium Corp. (“Western” or the “Company”) was incorporated in December 2006 under the Ontario Business Corporations Act. On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange (“CSE”). As part of that process, the Company acquired 100% of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company. The transaction constituted a reverse takeover (“RTO”) of Western by PRM. Subsequent to obtaining appropriate shareholder approvals, the Company reconstituted its Board of Directors and senior management team. Western is a Canadian domestic issuer and Canadian reporting issuer. The Company’s registered office is located at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8, and its common shares are listed on the CSE under the symbol “WUC.” On April 22, 2016, the Company’s common shares began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s common shares were approved for trading on the OTCQX Best Market under the symbol “WSTRF”. The Company’s principal business activity is the acquisition and development of uranium and vanadium resource properties in the states of Utah and Colorado in the United States of America (“United States”). On September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”). Under United States Securities and Exchange Commission (“Commission”) rules, this transaction triggered the Company being deemed a United States domestic issuer and losing its foreign private issuer exemption. On April 29, 2016, the Company filed a Form 10 registration statement with the Commission after converting its basis of accounting from International Financial Reporting Standards (“IFRS”) to generally accepted accounting principles in the United States (“U.S. GAAP”). On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. On June 30, 2023, Western re-qualified as a foreign private issuer as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”). As a result, the Company may now utilize certain accommodations made to foreign private issuers, including (1) an exemption from complying with the Commission’s proxy rules, (2) an exemption from the Company’s insiders having to comply with the reporting and short-swing trading liability provisions of Section 16 under the Exchange Act, (3) the ability to make periodic filings with the Commission on the Form 20-F and Form 6-K foreign issuer forms, and (4) the ability to offer and sell unrestricted securities outside of the United States pursuant to Rule 903 of Regulation S. The Company plans to take advantage of these accommodations. However, the Company currently has decided to voluntarily continue to file periodic reports with the Commission using domestic issuer forms including filing annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Liquidity and Going Concern [Abstract] | |
LIQUIDITY AND GOING CONCERN | Note 2 – Liquidity and going concern With the exception of the quarter ended June 30, 2022, the Company has incurred losses from its operations. During the years ended December 31, 2023 and 2022, the Company generated a net loss of $4,942,594 and $713,767, respectively. The Company expects to generate operating losses for the foreseeable future as it incurs expenses to bring its mineral processing facility online and further expand mining operations. As of December 31, 2023 and 2022, the Company had an accumulated deficit of $18,817,857 and $13,875,263, respectively, and working capital of $8,970,434 and $9,568,963, respectively. Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its common shares. On December 12, 2023, the Company closed a non-brokered private placement of 5,215,828 units at a price of CAD $1.39 per unit. The aggregate gross proceeds raised in the private placement amounted to CAD $7,250,000 (USD $4,836,867 in net proceeds). During the year ended December 31, 2023, the Company received $1,004,044 in proceeds from the exercise of its common share warrants. The Company’s ability to continue its planned operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financing, to secure regulatory approval to fully utilize its kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of ore to generate operating cash flows. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp. (Utah), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc., Black Range Development Utah LLC and Maverick Strategic Minerals Corp. All inter-company transactions and balances have been eliminated upon consolidation. The Company has established the existence of mineralized materials for certain uranium projects. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”), through the completion of a “final” or “bankable” feasibility study for any of its uranium projects. Exploration Stage and Mineral Properties In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the exploration stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to search for additional mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities, disposal wells, and mine development, are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Expenditures relating to mining and ore production while the Company is in the exploration stage and while the ore is stockpiled underground are expensed as incurred. Production stage issuers, as defined in subpart 1300 of Regulation S-K, having engaged in material extraction of established mineral reserves on at least one material property, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is an exploration stage issuer, which has resulted in the Company reporting larger losses than if it had been in the production stage due to the expensing, instead of capitalizing, of expenditures relating to ongoing mine development and extraction activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the production stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the production stage. Western will not be eligible to become a production stage issuer, and will remain an exploration stage issuer, until such time as mineral reserves are established on at least one material property. Use of Estimates The preparation of these 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 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 and valuation of stock-based compensation. Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties. Actual results could differ from those estimates. Foreign Currency Translation The reporting currency of the Company, including its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is the local currency. The functional currency of the parent (Western Uranium & Vanadium Corp. (Ontario)) is the Canadian dollar. The functional currency of the subsidiaries is the United States dollar. Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Transactions denominated in currencies other than the functional currency are recorded based on the exchange rates at the time of the transaction. Income and expense items are translated using average monthly exchange rates. Non-monetary assets are translated at their historical exchange rates. Translation adjustments are included in “Accumulated other comprehensive loss” in the consolidated balance sheets. Segment Information The Company identifies its operating segments in accordance with Accounting Standards Codification 280, Segment Reporting, or ASC 280. Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources. Accordingly, the Company has determined it operates and manages its business in a single reportable operating segment. Cash and Cash Equivalents The Company considers all highly-liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. There were no cash equivalents at December 31, 2023 and 2022. Marketable Securities The Company classifies its marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses reported as accumulated other comprehensive (loss) income, a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. Restricted Cash Certain cash balances are restricted as they relate to deposits with banks that have been assigned to state reclamation authorities in the United States to secure various reclamation guarantees with respect to mineral properties in Utah and Colorado. As these funds are not available for general corporate purposes and secure the long term reclamation liability (see Note 4), they have been separately disclosed and classified as long-term for the majority of the Company’s mines. As of December 31, 2023 and 2022, the Company has determined that the Van 4 Mine is now considered to be in reclamation. The Company recognized the Van 4 Mine’s reclamation liability and its restricted cash in full on the Company’s consolidated balance sheets as current. Property, Plant & Equipment and Mineral Properties, Net Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method. Revenue Recognition The Company, from time to time, purchases prepaid uranium concentrate contracts for future delivery of uranium concentrate pursuant to supply agreements. The Company recognizes revenue upon the delivery of the uranium contract to the counterparty and charges to cost of revenues the purchase cost of the uranium concentrate contract upon such delivery. The Company leases certain of its mineral properties for the exploration and production of oil and gas reserves. The Company accounts for lease revenue in accordance with the FASB ASC 842, Leases Fair Values of Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash – current portion, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs. The Company’s operating and financing activities are conducted primarily in Canadian dollars, and as a result, the Company is subject to exposure to market risks from changes in foreign currency rates. The carrying amount of restricted cash – net of current portion, approximates fair value as the accounts earn interest at market rates. The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions. The FASB ASC 820, Fair Value Measurements and Disclosures Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3- Significant unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by other means. The fair value of the Company’s financial instruments are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities as of December 31, 2023 $ 385 $ - $ - Marketable securities as of December 31, 2022 $ 612 $ - $ - Impairment of Long-Lived Assets The Company reviews and evaluates its long-lived assets and Kinetic Separation technology for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected uranium prices (considering current and historical prices, trends, and related factors), production levels, operating costs of production, and capital, restoration and reclamation costs, based upon the projected remaining future uranium production from each project. The Company’s long-lived assets (which include its mineral assets and Kinetic Separation intellectual property) were acquired during the end of 2014 and in 2015 in arms-length transactions. As of December 31, 2023, the Company evaluated the total estimated future cash flows on an undiscounted basis for its mineral properties and Kinetic Separation intellectual property and determined that no impairment was deemed to exist. Estimates and assumptions used to assess recoverability of the Company’s long-lived assets and to measure fair value of the Company’s uranium properties are subject to risk uncertainty. Changes in these estimates and assumptions could result in the impairment of the Company’s long-lived assets. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged in an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is more than 50 percent likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2023 and 2022, no liability for unrecognized tax benefits was required to be reported. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the years ended December 31, 2023 and 2022. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals, or material deviations from its position. The Company has identified its federal Canadian and United States tax jurisdictions and its state tax jurisdictions in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2017 through 2022 remain subject to examination. Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management’s best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company’s engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with the FASB ASC 410, Asset Retirement and Environmental Obligations At each reporting period, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement obligations, as well as changes in the legal obligation requirements at each of its mineral properties. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets. Stock-Based Compensation The Company follows the FASB ASC 718, Compensation - Stock Compensation Net loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method). The computation of net loss per share for each of the years ended December 31, 2023 and 2022 is the same for both basic and fully diluted. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended 2023 2022 Warrants to purchase common shares 10,804,539 9,362,076 Options to purchase common shares 4,917,666 4,306,334 Total potentially dilutive securities 15,722,205 13,668,410 Recent Accounting Standards Management does not believe that any recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements. |
Property, Plant & Equipment and
Property, Plant & Equipment and Mineral Properties, Net and Kinetic Separation Intellectual Property | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant & Equipment and Mineral Properties, Net, Kinetic Separation Intellectual Property, and Other Property [Abstract] | |
PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY | NOTE 4 - Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY The Company’s mining properties acquired on August 18, 2014 that the Company retains as of December 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. The Company’s mining properties acquired on September 16, 2015 that the Company retains as of December 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. 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. The Company’s property, plant & equipment and mineral properties, net and kinetic separation intellectual property are: As of December 31, Estimated 2023 2022 Mineral properties N/A $ 11,688,841 $ 11,663,841 Mining equipment 5 years 2,345,055 821,691 Vehicles 5 years 549,703 230,400 Construction in progress N/A 312,384 72,468 Land N/A 351,957 75,000 Total property, plant & equipment and mineral properties $ 15,247,940 $ 12,863,400 Less: accumulated depreciation 321,651 64,496 Property, plant & equipment and mineral properties, net $ 14,926,289 $ 12,798,904 Kinetic separation intellectual property $ 9,488,051 $ 9,488,051 Property, plant & equipment and mineral properties, net During the years ended December 31, 2023 and 2022, Western made purchases of $2,404,440 and $1,045,638, which principally consisted of mining equipment and vehicles, to increase mining capacity and land for the mineral processing facility. During the year ended December 31, 2023, depreciation expense was $262,832, which was included in mining expenditures on the Company’s consolidated statements of operations and other comprehensive loss. During the year ended December 31, 2022, depreciation expense was $26,877, which was included in general and administrative expenses on the Company’s consolidated statements of operations and other comprehensive loss. Oil and Gas Lease and Easement In 2017, 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. On June 23, 2020, the operator elected to extend the oil and gas lease easement for three additional years through July 2023. This was done to provide additional time in order to complete well construction and commence oil and gas production. 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. All sixteen (16) wells remain in production and monthly royalty payments will be ongoing in perpetuity as long as oil and/or gas are produced from the pooled unit containing these sixteen (16) wells. During the years ended December 31, 2023 and 2022 the Company recognized aggregate revenue of $431,065 and $635,363, respectively, under these oil and gas lease arrangements. Reclamation Liabilities 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 $751,444 and $751,405 as of December 31, 2023 and 2022, respectively. The portion of the reclamation liability related to the Van 4 Mine, which is in reclamation as of December 31, 2023, and its related restricted cash are included in current liabilities and current assets, respectively, at a value of $75,057. During the year ended December 31, 2023, the Company’s internal mining operations team has been performing the reclamation work, and the State of Colorado has not yet reduced the reclamation liability amount. 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 December 31, 2023 and 2022 were $241,562 and $225,219, respectively. The gross reclamation liabilities as of December 31, 2023 and 2022 are secured by financial warranties in the amount of $751,444 and $751,405, respectively. Reclamation liability activity for the years December 31, 2023 and 2022 consists of: For the Years Ended 2023 2022 Beginning balance at January 1 $ 300,276 $ 271,620 Adjustment to reclamation liability 4,035 - Accretion 12,308 28,656 Ending Balance at December 31 $ 316,619 $ 300,276 Less: Reclamation liability, current portion 75,057 75,057 Reclamation liability, net of current portion $ 241,562 $ 225,219 Sunday Mine Complex Permitting Status On February 4, 2020, the Colorado Division of Reclamation, Mining and Safety (the “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 Colorado Mined Land Reclamation Board (the “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. The review of Western’s most recent submission continues to be delayed due to staff turnover at the BLM. Kinetic Separation Intellectual Property 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. 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. 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. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 5 - Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of: As of December 31, 2023 2022 Trade accounts payable $ 562,831 $ 403,705 Accrued liabilities 198,292 147,910 Total accounts payable and accrued liabilities $ 761,123 $ 551,615 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES Supply Contract In December 2015, the Company signed a uranium concentrates supply agreement with a major United States utility company for delivery commencing in 2018 and continuing for a five-year period through 2022. On March 8, 2021, the Company entered into an agreement with a third party to complete the Year 4 (2021) uranium concentrate delivery. The Company paid $78,000 in April 2021 to the assignee for which the assignee made the delivery in May 2021. In April 2022, in satisfaction of the Year 5 delivery under its supply contract, the Company delivered 125,000 lbs of uranium concentrate from its prepaid uranium concentrate inventory. Accordingly, during the year ended December 31, 2022, the Company recorded revenue of $7,223,609 (at a price of approximately $57 per pound) and cost of revenue of $4,044,083, related to the delivery of the uranium. In May 2022, the Company received the cash proceeds from this sale. Strategic Acquisition of Physical Uranium In May 2021, the Company executed a binding agreement to purchase 125,000 pounds of natural uranium concentrate at approximately $32 per pound. In December 2021, the Company paid $4,044,083, in connection with its full prepayment of the purchase price for 125,000 pounds of natural uranium concentrate. This uranium concentrate was subsequently delivered under the terms of the aforementioned uranium concentrates supply agreement in April 2022. |
Share Capital and Other Equity
Share Capital and Other Equity Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital and Other Equity Instruments [Abstract] | |
SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS | NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS Authorized Capital The holders of the Company’s common shares are entitled to one vote per share. Holders of common shares are entitled to ratably receive such dividends, if any, as may be declared by the board of directors, out of legally available funds. Upon the liquidation, dissolution, or winding down of the Company, holders of common shares are entitled to share ratably in all assets of the Company that are legally available for distribution. As of December 31, 2023 and 2022, an unlimited number of common shares were authorized for issuance. Private Placements On January 20, 2022, the Company closed a non-brokered private placement of 2,495,575 units at a price of CAD $1.60 per unit. The aggregate gross proceeds raised in the private placement amounted to CAD $3,992,920 (USD $3,134,417 as of December 31, 2022). Issuance costs, consisting principally of commissions and legal fees, were CAD $153,247 (USD $122,539 as of December 31, 2022). Each unit consisted of one common share plus one common share purchase warrant. Each warrant entitled the holder to purchase one common share at a price of CAD $2.50 per common share for a period of three years following the closing date of the private placement. A total of 2,495,575 common shares and warrants to purchase 2,495,575 common shares were issued to investors and warrants to purchase 98,985 common shares were issued to broker dealers in connection with the private placement. On December 12, 2023, the Company closed a non-brokered private placement of 5,215,828 units at a price of CAD $1.39 per unit. The aggregate gross proceeds raised in the private placement amounted to CAD $7,250,000 (USD $5,324,989 as of December 31, 2023). Issuance costs, consisting principally of commissions and legal fees, were CAD $661,912 (USD $488,122 as of December 31, 2023). Each unit consisted of one common share plus one half of one warrant. Each warrant is exercisable into one share at a price of CAD $1.88 per common share for a period of four years following the closing date of the private placement. A total of 5,215,828 common shares and warrants to purchase 2,607,913 common shares were issued to investors in connection with the private placement. Warrant Exercises During the years ended December 31, 2023 and 2022, an aggregate of 1,165,450 and 2,020,351 warrants were exercised for total proceeds of $1,004,044 and $2,620,395, respectively. Incentive Stock Option Plan The Company maintains an Incentive Stock Option Plan (the “Plan”) that permits the granting of stock options as incentive compensation. The purpose of the Plan is to attract, retain, and motivate directors, management, staff, and consultants by providing them with the opportunity, through stock options, to acquire a proprietary interest in the Company and benefit from its growth. The Plan provides that the aggregate number of common shares for which stock options may be granted will not exceed 10% of the issued and outstanding common shares at the time stock options are granted. As of December 31, 2023, a total of 50,002,089 common shares were outstanding. As of December 31, 2023, the maximum number of stock options eligible to be issued under the Plan would be 5,000,208, and net of 4,917,666 options outstanding as of December 31, 2023, there remain 82,543 stock options available to be issued under the Plan. Shareholder Rights Plan On May 24, 2023, the Company adopted and on June 29, 2023, the shareholders approved a shareholder rights plan, which is designed to ensure the fair treatment of shareholders in connection with any take-over bid for the Company and to provide the Board of Directors and shareholders with sufficient time to fully consider any unsolicited takeover bid (the “Shareholder Rights Plan”). The Shareholder Rights Plan also provides the Board of Directors with time to pursue, if appropriate, other alternatives to maximize shareholder value in the event of a takeover bid. Pursuant to the terms of the Shareholder Rights Plan subject to a triggering event as defined in the Shareholder Rights Plan and as determined by the Board of Directors, rights (the “Rights”) will be issued to holders of Common Shares at a rate of one Right for each Share outstanding. Stock Options On February 10, 2022, the Company granted options under the Plan for the purchase of an aggregate of 900,000 common shares to five individuals consisting of directors and officers of the Company. The options have a five year term, an exercise price of CAD $1.76 (US $1.39 as of December 31, 2023) and vest equally in thirds commencing initially on the date of grant and thereafter on April 1, 2022, and July 1, 2022. On October 31, 2022, the Board of Directors granted options under the Plan for the purchase of an aggregate of 1,665,000 common shares to individuals consisting of directors and officers of the Company. Each of these options have a five year term, an exercise price of CAD $1.60 (US $1.17 as of December 31, 2023) and vest equally in two installments beginning on the date of grant and thereafter on April 30, 2023. On December 20, 2023, the Board of Directors granted options under the Plan for the purchase of an aggregate of 1,525,000 common shares to individuals consisting of directors and officers of the Company. Each of these options have a term which ends five years from the vesting date, an exercise price of CAD $1.60 (US $1.20 as of December 31, 2023) and vest equally in thirds on January 31, 2024, July 31, 2024 and January 31, 2025. During the year ended December 31, 2022, the Company issued 13,517 shares of common stock pursuant to the cashless exercise of an option to purchase 50,000 shares of common stock with an exercise price of CAD $1.00 (USD $0.74 as of December 31, 2022). During the year ended December 31, 2023, the Company issued 18,246 shares of common stock pursuant to the cashless exercise of an option to purchase 50,000 shares of common stock with an exercise price of CAD $1.00 (USD $0.75 as of December 31, 2023). The Company utilized the Black-Scholes option pricing model to determine the fair value of these stock options, using the assumptions as outlined below: For the years ended December 31, December 31, Stock Price CAD $1.56 CAD $1.44 - $1.76 Exercise Price CAD $1.60 CAD $1.60 - $1.76 Dividend Yield 0 % 0 % Expected Volatility 90.9% - 96.1 % 103.3% - 108.4 % Weighted Average Risk-Free Interest Rate 4.06 % 1.61% - 4.45 % Expected life (in years) 2.62 – 3.62 2.6 Number of Shares Weighted Weighted Intrinsic Value Outstanding – January 1, 2023 4,306,334 $ 1.24 3.35 $ 60,965 Granted 1,525,000 1.20 Expired (863,668 ) 1.57 Exercised (50,000 ) 0.79 Outstanding – December 31, 2023 4,917,666 $ 1.22 3.85 $ 214,875 Exercisable – December 31, 2023 3,392,666 $ 1.22 3.08 $ 214,875 The weighted average grant date fair value per share was $0.72 for each of the years ended December 31, 2023 and 2022. The Company’s stock-based compensation expense related to stock options for the year ended December 31, 2023 was $429,429, of which $78,874 and $350,555 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s consolidated statements of operations and other comprehensive loss. The Company’s stock-based compensation expense related to stock options for the year ended December 31, 2022 was $1,566,520, which was included in general and administrative expenses on the Company’s consolidated statements of operations and other comprehensive loss. As of December 31, 2023 and 2022, the Company had $975,101 and $364,095 of unamortized stock option expense, respectively. Warrants Number of Shares Weighted Average Weighted Average Intrinsic Value Outstanding – January 1, 2023 9,362,076 $ 1.19 1.43 $ 27,227 Issued 2,607,913 1.42 Exercised (1,165,450 ) 0.88 Expired/Forfeited - - Outstanding – December 31, 2023 10,804,539 $ 1.30 1.31 $ 1,576,511 Exercisable – December 31, 2023 10,804,539 $ 1.30 1.31 $ 1,576,511 |
Mining Expenditures
Mining Expenditures | 12 Months Ended |
Dec. 31, 2023 | |
Mining Expenditures [Abstract] | |
MINING EXPENDITURES | Note 8 – Mining Expenditures For the Years Ended 2023 2022 Mining costs $ 1,453,063 $ 471,622 Labor and related benefits 1,383,074 - Permits 107,989 282,851 Royalties 7,453 7,860 $ 2,951,579 $ 762,333 |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions and Balances [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 9 – Related Party Transactions AND BALANCES The Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows: Prior to the acquisition of Black Range, Mr. George Glasier, the Company’s CEO, who is also a director of the Company (“Seller”), transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range. In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay AUD $500,000 (USD $340,650 as of December 31, 2023) to Seller within 60 days of the first commercial application of the Kinetic Separation technology. The Company assumed this contingent payment obligation in connection with the acquisition of Black Range. At the date of the acquisition of Black Range, this contingent obligation was determined to be probable. Since the deferred contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $340,650 and $340,252 as of December 31, 2023 and 2022, respectively. The Company has multiple lease arrangements with Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier. These leases, which are all on a month-to-month basis, are for the rental of office, workshop, warehouse and employee housing facilities. The Company incurred rent expense of $71,700 and $55,198 in connection with these arrangements for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company purchased equipment from Silver Hawk Ltd. for $25,800. The Company is obligated to pay Mr. Glasier for reimbursable expenses in the amount of $84,040 and $87,221, included within accounts payable and accrued liabilities, as of December 31, 2023 and 2022, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | Note 10 – Income Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: As of December 31, Deferred tax assets: 2023 2022 Net operating loss carryovers $ 6,985,894 $ 5,708,411 Marketable securities 13,646 16,094 Accrued expenses - 35,681 Amortization capitalized cost 925,249 725,959 Unrealized foreign exchange 20,192 64,761 Accretion expense 9,899 8,639 Deferred tax assets, gross 7,954,880 6,559,545 Less: valuation allowance (5,602,952 ) (3,688,584 ) Deferred tax assets, net 2,351,928 2,870,961 Deferred tax liabilities: Property and equipment (4,758,757 ) (5,314,338 ) Amortization annual expense (302,058 ) (265,510 ) Deferred tax liabilities, net $ (2,708,887 ) $ (2,708,887 ) The change in the Company’s valuation allowance is as follows: For the Years Ended 2023 2022 Beginning of year $ 3,688,584 $ 3,488,821 Increase in valuation allowance 1,914,368 199,763 End of year $ 5,602,952 $ 3,688,584 A reconciliation of the provision for income taxes with the amounts computed by applying the statutory federal income tax rate to income from operations before the provision for income taxes is as follows: For the Years Ended 2023 2022 U.S. federal statutory rate (21.0 )% (21.0 )% State and foreign taxes 0 % (3.8 )% Permanent differences Stock-based compensation 1.9 % 37.4 % Other 0 % 1.0 % True-up to prior years return (24.4 )% (32.9 )% Valuation allowance 40.3 % 19.3 % Other 3.2 % 0 % Effective income tax rate 0 % 0 % The Company has net operating loss carryovers of approximately $33,266,164 for federal and state income tax purposes and net operating loss carryovers of $12,443,418 for Canadian provincial tax purposes which begin to expire in 2026. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. Based on losses from inception, the Company determined that as of December 31, 2023 it is more likely than not that the Company will not realize benefits from the deferred tax assets. The Company does not record income tax benefits in the consolidated financial statements until it is determined that it is more likely than not that the Company will generate sufficient taxable income to realize the deferred income tax assets. As a result of the analysis, the Company determined that a deferred tax asset valuation allowance of $5,602,952 and $3,688,584 was required as of December 31, 2023 and 2022, respectively. Internal Revenue Code (“IRC”) Section 382 imposes limitations on the use of net operating loss carryovers when the share ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis over a period of three years by more than 50 percentage points. Management cannot control any ownership changes that occur. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryover. The Company has not performed an analysis to determine whether or not such has occurred during either of the years ended December 31, 2023 and 2022. If such ownership change under IRC section 382 had occurred, such change would substantially limit the Company’s ability to utilize its net operating loss carryforwards in the future. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 11 – FINANCIAL INSTRUMENTS Fair Values The Company’s financial instruments consist of cash and cash equivalents, restricted cash – current, accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying values due to the short-term maturity of these instruments. The Company’s financial instruments also incorporate marketable securities that are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs. The reclamation deposits, which are reflected in restricted cash on the consolidated balance sheets, are deposits mainly invested in interest bearing certificates of deposit at major financial institutions, and their fair values are estimated to approximate their carrying values. There were no transfers of financial instruments between Levels 1, 2, and 3 during the years ended December 31, 2023 and 2022. Foreign Currency Risk Foreign currency risk is the risk that changes in the rates of exchange on foreign currencies will impact the financial position or cash flows of the Company. The Company’s reporting currency is the United States dollar. The functional currency for Western standalone entity is the Canadian dollar. The Company is exposed to foreign currency risks in relation to certain activity that is to be settled in Canadian funds. Management monitors its foreign currency exposure regularly to minimize the risk of an adverse impact on its cash flows. Concentration of Credit Risk Concentration of credit risk is the risk of loss in the event that certain counterparties are unable to fulfil their obligations to the Company. The Company limits its exposure to credit loss on its cash and restricted cash by placing its cash with high credit quality financial institutions. Liquidity Risk Liquidity risk is the risk that the Company’s consolidated cash flows from operations will not be sufficient for the Company to continue operating and discharge is liabilities. The Company is exposed to liquidity risk as its continued operation is dependent upon its ability to obtain financing, either in the form of debt or equity, or achieve profitable operations in order to satisfy its liabilities as they come due. As of December 31, 2023, the Company had working capital of $8,970,434 and cash and cash equivalents of $9,217,585. Market Risk Market risk is the risk that fluctuations in the market prices of minerals will impact the Company’s future cash flows. The Company is exposed to market risk on the price of uranium and vanadium, which will determine its ability to build and achieve profitable operations, the amount of exploration and development work that the Company will be able to perform, and the number of financing opportunities that will be available. Management believes that it would be premature at this point to enter into any hedging or forward contracts to mitigate its exposure to specific market price risks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstarct] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS Exercise of Warrants During the first quarter of 2024, warrants were exercised for the purchase of 5,198,540 shares of common stock with total proceeds of CAD $6,238,248. Joint Venture During February 2024, PRM entered into a joint venture agreement with Rimrock Exploration and Development Inc. (“Rimrock”) to explore, develop and mine (the “Mining Operations”) certain uranium and vanadium permitted mines and mining claims located in Colorado and owned by Rimrock (the “JV”). Pursuant to the terms of the JV, Rimrock will contribute all assets into the JV and PRM will contribute $200,000 (the “Initial Contribution”) to be used to fund the Mining Operations. Thereafter, each party will own a 50% interest in all assets of the JV. During the initial phase of the JV, Rimrock will be the operator and the permits and licenses for the operator will remain in the name of Rimrock. The JV intends to sell the mined material to the Company under terms to be determined. During the term of the JV, PRM will pay the costs of the Mining Operations and will be entitled to recover 50% of such costs subsequent to the contribution of the full amount of the Initial Contribution. The JV will fund the recovery payments to be made to PRM from the proceeds of the sale of mined material. On February 20, 2024 and April 11, 2024, PRM funded $50,000 and $53,931, respectively, of the Initial Contribution. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The accompanying consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp. (Utah), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc., Black Range Development Utah LLC and Maverick Strategic Minerals Corp. All inter-company transactions and balances have been eliminated upon consolidation. The Company has established the existence of mineralized materials for certain uranium projects. The Company has not established proven or probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”), through the completion of a “final” or “bankable” feasibility study for any of its uranium projects. |
Exploration Stage and Mineral Properties | Exploration Stage and Mineral Properties In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until such time the Company exits the exploration stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to search for additional mineralized materials, are expensed as incurred. Expenditures relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities, disposal wells, and mine development, are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures relating to development activities for that particular project are capitalized as incurred. Expenditures relating to mining and ore production while the Company is in the exploration stage and while the ore is stockpiled underground are expensed as incurred. Production stage issuers, as defined in subpart 1300 of Regulation S-K, having engaged in material extraction of established mineral reserves on at least one material property, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of goods sold. The Company is an exploration stage issuer, which has resulted in the Company reporting larger losses than if it had been in the production stage due to the expensing, instead of capitalizing, of expenditures relating to ongoing mine development and extraction activities. Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the production stage. Any capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method. As a result, the Company’s consolidated financial statements may not be directly comparable to the financial statements of companies in the production stage. Western will not be eligible to become a production stage issuer, and will remain an exploration stage issuer, until such time as mineral reserves are established on at least one material property. |
Use of Estimates | Use of Estimates The preparation of these 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 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 and valuation of stock-based compensation. Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The reporting currency of the Company, including its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured in their functional currency, which is the local currency. The functional currency of the parent (Western Uranium & Vanadium Corp. (Ontario)) is the Canadian dollar. The functional currency of the subsidiaries is the United States dollar. Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Transactions denominated in currencies other than the functional currency are recorded based on the exchange rates at the time of the transaction. Income and expense items are translated using average monthly exchange rates. Non-monetary assets are translated at their historical exchange rates. Translation adjustments are included in “Accumulated other comprehensive loss” in the consolidated balance sheets. |
Segment Information | Segment Information The Company identifies its operating segments in accordance with Accounting Standards Codification 280, Segment Reporting, or ASC 280. Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources. Accordingly, the Company has determined it operates and manages its business in a single reportable operating segment. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly-liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. There were no cash equivalents at December 31, 2023 and 2022. |
Marketable Securities | Marketable Securities The Company classifies its marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses reported as accumulated other comprehensive (loss) income, a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. |
Restricted Cash | Restricted Cash Certain cash balances are restricted as they relate to deposits with banks that have been assigned to state reclamation authorities in the United States to secure various reclamation guarantees with respect to mineral properties in Utah and Colorado. As these funds are not available for general corporate purposes and secure the long term reclamation liability (see Note 4), they have been separately disclosed and classified as long-term for the majority of the Company’s mines. As of December 31, 2023 and 2022, the Company has determined that the Van 4 Mine is now considered to be in reclamation. The Company recognized the Van 4 Mine’s reclamation liability and its restricted cash in full on the Company’s consolidated balance sheets as current. |
Property, Plant & Equipment and Mineral Properties, Net | Property, Plant & Equipment and Mineral Properties, Net Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method. |
Revenue Recognition | Revenue Recognition The Company, from time to time, purchases prepaid uranium concentrate contracts for future delivery of uranium concentrate pursuant to supply agreements. The Company recognizes revenue upon the delivery of the uranium contract to the counterparty and charges to cost of revenues the purchase cost of the uranium concentrate contract upon such delivery. The Company leases certain of its mineral properties for the exploration and production of oil and gas reserves. The Company accounts for lease revenue in accordance with the FASB ASC 842, Leases |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash – current portion, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of these instruments. Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs. The Company’s operating and financing activities are conducted primarily in Canadian dollars, and as a result, the Company is subject to exposure to market risks from changes in foreign currency rates. The carrying amount of restricted cash – net of current portion, approximates fair value as the accounts earn interest at market rates. The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions. The FASB ASC 820, Fair Value Measurements and Disclosures Fair value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable, either directly or indirectly. Level 3- Significant unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation by other means. The fair value of the Company’s financial instruments are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities as of December 31, 2023 $ 385 $ - $ - Marketable securities as of December 31, 2022 $ 612 $ - $ - |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews and evaluates its long-lived assets and Kinetic Separation technology for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected uranium prices (considering current and historical prices, trends, and related factors), production levels, operating costs of production, and capital, restoration and reclamation costs, based upon the projected remaining future uranium production from each project. The Company’s long-lived assets (which include its mineral assets and Kinetic Separation intellectual property) were acquired during the end of 2014 and in 2015 in arms-length transactions. As of December 31, 2023, the Company evaluated the total estimated future cash flows on an undiscounted basis for its mineral properties and Kinetic Separation intellectual property and determined that no impairment was deemed to exist. Estimates and assumptions used to assess recoverability of the Company’s long-lived assets and to measure fair value of the Company’s uranium properties are subject to risk uncertainty. Changes in these estimates and assumptions could result in the impairment of the Company’s long-lived assets. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. |
Income Taxes | Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged in an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is more than 50 percent likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2023 and 2022, no liability for unrecognized tax benefits was required to be reported. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the years ended December 31, 2023 and 2022. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals, or material deviations from its position. The Company has identified its federal Canadian and United States tax jurisdictions and its state tax jurisdictions in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2017 through 2022 remain subject to examination. |
Restoration and Remediation Costs (Asset Retirement Obligations) | Restoration and Remediation Costs (Asset Retirement Obligations) Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. Future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, are accrued at the end of each period based on management’s best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company’s engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with the FASB ASC 410, Asset Retirement and Environmental Obligations At each reporting period, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement obligations, as well as changes in the legal obligation requirements at each of its mineral properties. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets. |
Stock-Based Compensation | Stock-Based Compensation The Company follows the FASB ASC 718, Compensation - Stock Compensation |
Net loss per Share | Net loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method). The computation of net loss per share for each of the years ended December 31, 2023 and 2022 is the same for both basic and fully diluted. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended 2023 2022 Warrants to purchase common shares 10,804,539 9,362,076 Options to purchase common shares 4,917,666 4,306,334 Total potentially dilutive securities 15,722,205 13,668,410 |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Fair Value of Financial Instruments | The fair value of the Company’s financial instruments are as follows: Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities as of December 31, 2023 $ 385 $ - $ - Marketable securities as of December 31, 2022 $ 612 $ - $ - |
Schedule of Computation of Diluted Net Loss Per Share | Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended 2023 2022 Warrants to purchase common shares 10,804,539 9,362,076 Options to purchase common shares 4,917,666 4,306,334 Total potentially dilutive securities 15,722,205 13,668,410 |
Property, Plant & Equipment a_2
Property, Plant & Equipment and Mineral Properties, Net and Kinetic Separation Intellectual Property (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant & Equipment and Mineral Properties, Net, Kinetic Separation Intellectual Property, and Other Property [Abstract] | |
Schedule of Property, Plant & Equipment and Mineral Properties, Net | The Company’s property, plant & equipment and mineral properties, net and kinetic separation intellectual property are: As of December 31, Estimated 2023 2022 Mineral properties N/A $ 11,688,841 $ 11,663,841 Mining equipment 5 years 2,345,055 821,691 Vehicles 5 years 549,703 230,400 Construction in progress N/A 312,384 72,468 Land N/A 351,957 75,000 Total property, plant & equipment and mineral properties $ 15,247,940 $ 12,863,400 Less: accumulated depreciation 321,651 64,496 Property, plant & equipment and mineral properties, net $ 14,926,289 $ 12,798,904 Kinetic separation intellectual property $ 9,488,051 $ 9,488,051 |
Schedule of Reclamation Liability Activity | Reclamation liability activity for the years December 31, 2023 and 2022 consists of: For the Years Ended 2023 2022 Beginning balance at January 1 $ 300,276 $ 271,620 Adjustment to reclamation liability 4,035 - Accretion 12,308 28,656 Ending Balance at December 31 $ 316,619 $ 300,276 Less: Reclamation liability, current portion 75,057 75,057 Reclamation liability, net of current portion $ 241,562 $ 225,219 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of: As of December 31, 2023 2022 Trade accounts payable $ 562,831 $ 403,705 Accrued liabilities 198,292 147,910 Total accounts payable and accrued liabilities $ 761,123 $ 551,615 |
Share Capital and Other Equit_2
Share Capital and Other Equity Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital and Other Equity Instruments [Abstract] | |
Schedule of Black-Scholes Option Pricing Model | The Company utilized the Black-Scholes option pricing model to determine the fair value of these stock options, using the assumptions as outlined below: For the years ended December 31, December 31, Stock Price CAD $1.56 CAD $1.44 - $1.76 Exercise Price CAD $1.60 CAD $1.60 - $1.76 Dividend Yield 0 % 0 % Expected Volatility 90.9% - 96.1 % 103.3% - 108.4 % Weighted Average Risk-Free Interest Rate 4.06 % 1.61% - 4.45 % Expected life (in years) 2.62 – 3.62 2.6 |
Schedule of Stock Options | Number of Shares Weighted Weighted Intrinsic Value Outstanding – January 1, 2023 4,306,334 $ 1.24 3.35 $ 60,965 Granted 1,525,000 1.20 Expired (863,668 ) 1.57 Exercised (50,000 ) 0.79 Outstanding – December 31, 2023 4,917,666 $ 1.22 3.85 $ 214,875 Exercisable – December 31, 2023 3,392,666 $ 1.22 3.08 $ 214,875 |
Schedule of Warrants | Warrants Number of Shares Weighted Average Weighted Average Intrinsic Value Outstanding – January 1, 2023 9,362,076 $ 1.19 1.43 $ 27,227 Issued 2,607,913 1.42 Exercised (1,165,450 ) 0.88 Expired/Forfeited - - Outstanding – December 31, 2023 10,804,539 $ 1.30 1.31 $ 1,576,511 Exercisable – December 31, 2023 10,804,539 $ 1.30 1.31 $ 1,576,511 |
Mining Expenditures (Tables)
Mining Expenditures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mining Expenditures [Abstract] | |
Schedule of Mining Expenditures | For the Years Ended 2023 2022 Mining costs $ 1,453,063 $ 471,622 Labor and related benefits 1,383,074 - Permits 107,989 282,851 Royalties 7,453 7,860 $ 2,951,579 $ 762,333 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: As of December 31, Deferred tax assets: 2023 2022 Net operating loss carryovers $ 6,985,894 $ 5,708,411 Marketable securities 13,646 16,094 Accrued expenses - 35,681 Amortization capitalized cost 925,249 725,959 Unrealized foreign exchange 20,192 64,761 Accretion expense 9,899 8,639 Deferred tax assets, gross 7,954,880 6,559,545 Less: valuation allowance (5,602,952 ) (3,688,584 ) Deferred tax assets, net 2,351,928 2,870,961 Deferred tax liabilities: Property and equipment (4,758,757 ) (5,314,338 ) Amortization annual expense (302,058 ) (265,510 ) Deferred tax liabilities, net $ (2,708,887 ) $ (2,708,887 ) |
Schedule of Valuation Allowance | The change in the Company’s valuation allowance is as follows: For the Years Ended 2023 2022 Beginning of year $ 3,688,584 $ 3,488,821 Increase in valuation allowance 1,914,368 199,763 End of year $ 5,602,952 $ 3,688,584 |
Schedule of Provision for Income Taxes | A reconciliation of the provision for income taxes with the amounts computed by applying the statutory federal income tax rate to income from operations before the provision for income taxes is as follows: For the Years Ended 2023 2022 U.S. federal statutory rate (21.0 )% (21.0 )% State and foreign taxes 0 % (3.8 )% Permanent differences Stock-based compensation 1.9 % 37.4 % Other 0 % 1.0 % True-up to prior years return (24.4 )% (32.9 )% Valuation allowance 40.3 % 19.3 % Other 3.2 % 0 % Effective income tax rate 0 % 0 % |
Business (Details)
Business (Details) | Nov. 20, 2014 |
Pinon Ridge Mining LLC [Member] | |
Business [Line Items] | |
Interest acquired percentage | 100% |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details) | 12 Months Ended | |||
Dec. 12, 2023 $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | |
Liquidity and Going Concern [Line Items] | ||||
Net loss | $ (4,942,594) | $ (713,767) | ||
Accumulated deficit | (18,817,857) | (13,875,263) | ||
Working capital | 8,970,434 | 9,568,963 | ||
Private placement units (in Shares) | shares | 5,215,828 | |||
Price per share (in Dollars per share) | $ / shares | $ 1.39 | |||
Net proceeds from the private placement | 4,836,867 | $ 7,250,000 | $ 3,011,878 | |
Proceeds from the exercise of warrants | $ 1,004,044 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Percent of likely to be realized upon settlement, description | more than 50 percent |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Fair Value of Financial Instruments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Schedule of Fair Value of Financial Instruments [Line Items] | ||
Marketable securities | $ 385 | $ 612 |
Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) [Member] | ||
Schedule of Fair Value of Financial Instruments [Line Items] | ||
Marketable securities | ||
Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Fair Value of Financial Instruments [Line Items] | ||
Marketable securities |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Computation of Diluted Net Loss Per Share - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Computation of Diluted Net Loss Per Share [Line Items] | ||
Total potentially dilutive securities | 15,722,205 | 13,668,410 |
Warrants to purchase common shares [Member] | ||
Schedule of Computation of Diluted Net Loss Per Share [Line Items] | ||
Total potentially dilutive securities | 10,804,539 | 9,362,076 |
Options to purchase common shares [Member] | ||
Schedule of Computation of Diluted Net Loss Per Share [Line Items] | ||
Total potentially dilutive securities | 4,917,666 | 4,306,334 |
Property, Plant & Equipment a_3
Property, Plant & Equipment and Mineral Properties, Net and Kinetic Separation Intellectual Property (Details) | 12 Months Ended | ||
Feb. 14, 2014 | Dec. 31, 2023 USD ($) m² | Dec. 31, 2022 USD ($) | |
Property, Plant & Equipment and Mineral Properties, Net, Kinetic Separation Intellectual Property, and Other Property [Line Items] | |||
Purchases of mining equipment | $ 2,404,440 | $ 1,045,638 | |
Depreciation expense | $ 262,832 | 26,877 | |
Oil and gas lease permit area in acres (in Square Meters) | m² | 160 | ||
Production revenue percentage of lease, description | 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. | ||
Aggregate revenue | $ 431,065 | 635,363 | |
Reclamation liability of mineral properties | 751,444 | 751,405 | |
Reclamation liability included in current liabilities | $ 75,057 | 75,057 | |
Reclamation liability discount rate | 5.40% | ||
Net discounted aggregated values | $ 241,562 | $ 225,219 | |
Kinetic separation intellectual property, description | 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. | ||
Patent term | 20 years |
Schedule of Property, Plant & E
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | $ 15,247,940 | $ 12,863,400 |
Accumulated Depreciation Property, Plant and Equipment and Mineral Properties | 321,651 | 64,496 |
Property, plant and equipment and mineral properties, Net | 14,926,289 | 12,798,904 |
KineticSeparationIntellectualProperty | 9,488,051 | 9,488,051 |
Mineral properties [Member] | ||
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | 11,688,841 | 11,663,841 |
Mining Equipment [Member] | ||
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | $ 2,345,055 | $ 821,691 |
Property, plant and equipment and mineral properties estimated useful lives | 5 years | 5 years |
Vehicles [Member] | ||
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | $ 549,703 | $ 230,400 |
Property, plant and equipment and mineral properties estimated useful lives | 5 years | 5 years |
Construction in Progress [Member] | ||
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | $ 312,384 | $ 72,468 |
Land [Member] | ||
Schedule of Property, Plant & Equipment and Mineral Properties (Details) - Schedule of Property, Plant & Equipment and Mineral Properties [Line Items] | ||
Property, Plant and Equipment and Mineral Properties, Gross | $ 351,957 | $ 75,000 |
Property, Plant & Equipment a_4
Property, Plant & Equipment and Mineral Properties, Net and Kinetic Separation Intellectual Property (Details) - Schedule of Reclamation Liability Activity - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Reclamation Liability Activity [Abstract] | ||
Beginning balance at January 1 | $ 300,276 | $ 271,620 |
Adjustment to reclamation liability | 4,035 | |
Accretion | 12,308 | 28,656 |
Ending Balance at December 31 | 316,619 | 300,276 |
Less: Reclamation liability, current portion | 75,057 | 75,057 |
Reclamation liability, net of current portion | $ 241,562 | $ 225,219 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $ 562,831 | $ 403,705 |
Accrued liabilities | 198,292 | 147,910 |
Total accounts payable and accrued liabilities | $ 761,123 | $ 551,615 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | |||||
May 31, 2021 lb | Apr. 30, 2022 lb | May 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) lb | Apr. 30, 2021 USD ($) | |
Commitments and Contingencies [Abstract] | |||||||
Agreed to pay | $ 78,000 | ||||||
Uranium conentrate (in Pounds) | lb | 125,000 | ||||||
Revenue | $ 7,223,609 | ||||||
Uranium price per pound (in Dollars per share) | $ / shares | $ 57 | ||||||
Cost of revenue | $ 4,044,083 | $ 4,044,083 | |||||
Pounds of uranium purchased (in Pounds) | lb | 125,000 | 125,000 | |||||
Pounds of uranium purchased | $ 32 |
Share Capital and Other Equit_3
Share Capital and Other Equity Instruments (Details) | 12 Months Ended | |||||||||
Dec. 20, 2023 shares | Dec. 12, 2023 $ / shares shares | Oct. 31, 2022 shares | Feb. 10, 2022 shares | Jan. 20, 2022 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CAD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2021 shares | |
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Non-brokered private placement | 5,215,828 | |||||||||
Price per unit (in Dollars per share) | $ / shares | $ 1.39 | |||||||||
Private placement gross proceeds | $ 4,836,867 | $ 7,250,000 | $ 3,011,878 | |||||||
Legal fees | 488,122 | $ 661,912 | 122,539 | $ 153,247 | ||||||
Price of per unit (in Dollars per share) | $ / shares | $ 1.88 | $ 2.5 | ||||||||
Total warrants proceeds (in Dollars) | $ | $ 1,004,044 | $ 2,620,395 | ||||||||
Common stock, shares outstanding | 50,002,089 | 43,602,565 | ||||||||
Warrant exercisable price expires term | 5 years | |||||||||
Price of per unit | (per share) | $ 1.17 | $ 1.6 | ||||||||
Cashless exercise of stock options | 50,000 | 50,000 | 50,000 | 50,000 | ||||||
Weighted average grant date fair value per share (in Dollars per share) | $ / shares | $ 0.72 | $ 0.72 | ||||||||
Share based compensation expenses (in Dollars) | $ | $ 429,429 | $ 1,566,520 | ||||||||
Unamortized stock option expense (in Dollars) | $ | 975,101 | 364,095 | ||||||||
Common Stock [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Total warrants proceeds (in Dollars) | $ | $ 1,004,044 | $ 2,620,395 | ||||||||
Common stock, shares outstanding | 50,002,089 | 43,602,565 | 39,073,122 | |||||||
Stock options available to be issued under the Plan | 18,246 | 18,246 | 13,517 | 13,517 | ||||||
Incentive Stock Option Plan [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Percentage of issued and outstanding of common shares | 10% | 10% | ||||||||
Stock options eligible to be issued | 5,000,208 | |||||||||
Options outstanding | 4,917,666 | |||||||||
Stock options available to be issued under the plan | 82,543 | |||||||||
Exercise price per share | (per share) | $ 0.74 | $ 1 | ||||||||
Stock Options [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Options outstanding | 4,917,666 | 4,306,334 | ||||||||
Purchase of an aggregate of common shares | 1,525,000 | 1,665,000 | 900,000 | |||||||
Price of per unit | $ / shares | $ 1.2 | |||||||||
Stock options available to be issued under the Plan | 50,000 | 50,000 | ||||||||
Exercise price per share | (per share) | $ 0.75 | $ 1 | ||||||||
Stock Options [Member] | Stock Options Plan [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Price of per unit | (per share) | $ 1.39 | $ 1.76 | ||||||||
Warrant Exercises [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Share of warrant exercises | 1,165,450 | 1,165,450 | 2,020,351 | 2,020,351 | ||||||
Private Placement [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Non-brokered private placement | 5,215,828 | 2,495,575 | ||||||||
Price per unit (in Dollars per share) | $ / shares | $ 1.39 | $ 1.6 | ||||||||
Private placement gross proceeds | $ 5,324,989 | $ 7,250,000 | $ 3,134,417 | $ 3,992,920 | ||||||
Shares issued | 5,215,828 | 2,495,575 | ||||||||
Warrants to purchase | 2,607,913 | 2,495,575 | ||||||||
Common shares issued | 98,985 | |||||||||
Director [Member] | Stock Options [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Price of per unit | (per share) | $ 1.2 | $ 1.6 | ||||||||
Mining Expenditures [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Share based compensation expenses (in Dollars) | $ | $ 78,874 | |||||||||
General and Administrative Expense [Member] | ||||||||||
Share Capital and Other Equity Instruments [Line Items] | ||||||||||
Share based compensation expenses (in Dollars) | $ | $ 350,555 | $ 1,566,520 |
Share Capital and Other Equit_4
Share Capital and Other Equity Instruments (Details) - Schedule of Black-Scholes Option Pricing Model - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Black-Scholes Option Pricing Model [Line Items] | ||
Stock Price (in Dollars per share) | $ 1.56 | |
Exercise Price (in Dollars per share) | $ 1.6 | |
Dividend Yield | 0% | 0% |
Weighted Average Risk-Free Interest Rate | 4.06% | |
Expected life (in years) | 2 years 7 months 6 days | |
Minimum [Member] | ||
Schedule of Black-Scholes Option Pricing Model [Line Items] | ||
Stock Price (in Dollars per share) | $ 1.44 | |
Exercise Price (in Dollars per share) | $ 1.6 | |
Expected Volatility | 90.90% | 103.30% |
Weighted Average Risk-Free Interest Rate | 1.61% | |
Expected life (in years) | 2 years 7 months 13 days | |
Maximum [Member] | ||
Schedule of Black-Scholes Option Pricing Model [Line Items] | ||
Stock Price (in Dollars per share) | $ 1.76 | |
Exercise Price (in Dollars per share) | $ 1.76 | |
Expected Volatility | 96.10% | 108.40% |
Weighted Average Risk-Free Interest Rate | 4.45% | |
Expected life (in years) | 3 years 7 months 13 days |
Share Capital and Other Equit_5
Share Capital and Other Equity Instruments (Details) - Schedule of Stock Options - Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Stock Options [Line Items] | ||
Number of Shares, Outstanding | 4,306,334 | |
Weighted Average Exercise Price, Outstanding | $ 1.24 | |
Weighted Average Contractual Life (years), Outstanding | 3 years 10 months 6 days | 3 years 4 months 6 days |
Intrinsic Value, Outstanding | $ 214,875 | $ 60,965 |
Number of Shares, Granted | 1,525,000 | |
Weighted Average Exercise Price, Granted | $ 1.2 | |
Number of Shares, Expired | (863,668) | |
Weighted Average Exercise Price, Expired | $ 1.57 | |
Number of Shares, Exercised | (50,000) | |
Weighted Average Exercise Price, Exercised | $ 0.79 | |
Number of Shares, Outstanding | 4,917,666 | |
Weighted Average Exercise Price, Outstanding | $ 1.22 | |
Number of Shares, Exercisable | 3,392,666 | |
Weighted Average Exercise Price, Exercisable | $ 1.22 | |
Weighted Average Contractual Life (years), Exercisable | 3 years 29 days | |
Intrinsic Value, Exercisable | $ 214,875 |
Share Capital and Other Equit_6
Share Capital and Other Equity Instruments (Details) - Schedule of Warrants - Warrants [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Warrants [Line Items] | ||
Number of Shares Outstanding | 9,362,076 | |
Weighted Average Exercise Price Outstanding | $ 1.19 | |
Weighted Average Contractual Life (years) Outstanding | 1 year 3 months 21 days | 1 year 5 months 4 days |
Intrinsic Value Outstanding | $ 1,576,511 | $ 27,227 |
Number of Shares, Issued | 2,607,913 | |
Weighted Average Exercise Price, Issued | $ 1.42 | |
Number of Shares, Exercised | (1,165,450) | |
Weighted Average Exercise Price, Exercised | $ 0.88 | |
Number of Shares, Expired/Forfeited | ||
Weighted Average Exercise Price, Expired/Forfeited | ||
Number of Shares Outstanding | 10,804,539 | |
Weighted Average Exercise Price Outstanding | $ 1.3 | |
Number of Shares, Exercisable | 10,804,539 | |
Weighted Average Exercise Price, Exercisable | $ 1.3 | |
Weighted Average Contractual Life (Years), Exercisable | 1 year 3 months 21 days | |
Intrinsic Value, Exercisable | $ 1,576,511 |
Mining Expenditures (Details) -
Mining Expenditures (Details) - Schedule of Mining Expenditures - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Mining Expenditures [Abstract] | ||
Mining costs | $ 1,453,063 | $ 471,622 |
Labor and related benefits | 1,383,074 | |
Permits | 107,989 | 282,851 |
Royalties | 7,453 | 7,860 |
Total | $ 2,951,579 | $ 762,333 |
Related Party Transactions an_2
Related Party Transactions and Balances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions and Balances [Line Items] | ||
Deferred contingent consideration | $ 340,650 | $ 340,252 |
Rent expense | 71,700 | 55,198 |
Purchased equipment | 25,800 | |
Mr. Glasier [Member] | ||
Related Party Transactions and Balances [Line Items] | ||
Reimbursable expenses | $ 84,040 | $ 87,221 |
Black Range [Member] | ||
Related Party Transactions and Balances [Line Items] | ||
Related party transaction, description | In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay AUD $500,000 (USD $340,650 as of December 31, 2023) to Seller within 60 days of the first commercial application of the Kinetic Separation technology. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Deferred tax asset valuation allowance | $ 5,602,952 | $ 3,688,584 | $ 3,488,821 |
Limitations on the use of net operating loss carryovers description | Internal Revenue Code (“IRC”) Section 382 imposes limitations on the use of net operating loss carryovers when the share ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis over a period of three years by more than 50 percentage points. | ||
Federal and State Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryovers | $ 33,266,164 | ||
Canadian Provincial Tax [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryovers | $ 12,443,418 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Deferred Tax Assets and Deferred Tax Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities [Abstract] | |||
Net operating loss carryovers | $ 6,985,894 | $ 5,708,411 | |
Marketable securities | 13,646 | 16,094 | |
Accrued expenses | 35,681 | ||
Amortization capitalized cost | 925,249 | 725,959 | |
Unrealized foreign exchange | 20,192 | 64,761 | |
Accretion expense | 9,899 | 8,639 | |
Deferred tax assets, gross | 7,954,880 | 6,559,545 | |
Less: valuation allowance | (5,602,952) | (3,688,584) | $ (3,488,821) |
Deferred tax assets, net | 2,351,928 | 2,870,961 | |
Deferred tax liabilities: | |||
Property and equipment | (4,758,757) | (5,314,338) | |
Amortization annual expense | (302,058) | (265,510) | |
Deferred tax liabilities, net | $ (2,708,887) | $ (2,708,887) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Valuation Allowance - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Valuation Allowance [Abstract] | ||
Beginning of year | $ 3,688,584 | $ 3,488,821 |
Increase in valuation allowance | 1,914,368 | 199,763 |
End of year | $ 5,602,952 | $ 3,688,584 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Provision for Income Taxes | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Provision for Income Taxes [Abstract] | ||
U.S. federal statutory rate | (21.00%) | (21.00%) |
State and foreign taxes | 0% | (3.80%) |
Permanent differences | ||
Stock-based compensation | 1.90% | 37.40% |
Other | 0% | 1% |
True-up to prior years return | (24.40%) | (32.90%) |
Valuation allowance | 40.30% | 19.30% |
Other | 3.20% | 0% |
Effective income tax rate | 0% | 0% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments [Abstract] | ||
Working capital | $ 8,970,434 | $ 9,568,963 |
Cash and cash equivalents | $ 9,217,585 | $ 9,682,133 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended | 3 Months Ended | ||
Apr. 11, 2024 USD ($) | Feb. 20, 2024 USD ($) | Feb. 29, 2024 USD ($) | Mar. 31, 2024 CAD ($) shares | |
Subsequent Event [Line Items] | ||||
Initial contribution payable | $ 200,000 | |||
Ownership interest percentage | 50% | |||
Initial contribution percentage | 50% | |||
Initial contribution | $ 53,931 | $ 50,000 | ||
Warrant [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares proceeds from exercise of warrants (in Shares) | shares | 5,198,540 | |||
Total proceeds (in Dollars) | $ 6,238,248 |