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Western Uranium & Vanadium Corp (WSTRF-4.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $52,981 from $89,144 in the same quarter the previous year. This decrease is attributed to lower oil and gas well volumes due to production decline curves.
Mining expenditures for the quarter increased to $1,166,343 from $730,854 in the previous year, driven by scaling up mining activities at the Sunday Mine Complex.
Professional fees rose to $127,049 from $44,382, primarily due to increased accounting and legal costs.
General and administrative expenses increased to $813,403 from $365,197, reflecting higher headcount and employee benefits.
Consulting fees for the quarter were $247,850, up from $48,251, due to costs for licensing and permitting a mineral processing plant.
The company reported a net loss of $2,241,170 for the quarter, compared to $1,060,042 in the previous year.
Accretion and interest income, net increased to $62,492 from $39,498, due to higher interest rates and larger cash balances.
Foreign currency translation adjustment resulted in a gain of $14,018, compared to a loss of $43,474 in the previous year.
Western Uranium & Vanadium Corp continues to focus on expanding its mining operations and developing its processing facilities in Utah and Colorado.
The company has entered into a joint venture with Rimrock Exploration and Development Inc. to explore and develop certain uranium and vanadium mines in Colorado.
Western Uranium & Vanadium Corp has acquired a property in Colorado for a potential uranium processing facility, expanding its resource base and strategic capabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Western Uranium & Vanadium Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.