Western Uranium & Vanadium Corp. reported significant financial challenges in its latest 10-Q filing for the quarter ended September 30, 2024. The company experienced a notable decline in revenue, with total revenues of $52,981 for the three months ended September 30, 2024, down 41% from $89,144 in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $147,035, a decrease of 59% compared to $357,908 in 2023. This decline was attributed to lower production volumes from oil and gas wells, exacerbated by maintenance shutdowns of eight wells.

Operating expenses surged to $2,354,645 for the third quarter of 2024, compared to $1,188,684 in the prior year, leading to an operating loss of $(2,301,664), up from $(1,099,540) in Q3 2023. The net loss for the quarter was $(2,241,170), compared to $(1,060,042) in the same quarter of the previous year. For the nine-month period, the net loss increased to $(7,343,580) from $(3,240,232) in 2023.

The company's accumulated deficit rose to $(26,161,437) as of September 30, 2024, compared to $(18,817,857) at the end of 2023. Total current assets decreased to $7,013,304 from $9,806,614, and total assets fell to $32,909,351 from $34,897,323 during the same period. Shareholders’ equity also declined to $28,752,265 from $30,770,044.

In terms of strategic developments, Western Uranium & Vanadium Corp. entered a joint venture with Rimrock Exploration and Development Inc. in February 2024, contributing $200,000 to explore uranium and vanadium in Colorado. The company also announced the acquisition of Pinon Ridge Corporation on October 1, 2024, for $829,167, which includes a 900-acre property in Colorado with a previously licensed uranium processing mill site. This acquisition involved settling a $1,148,125 promissory note related to the property.

The company is actively seeking additional financing through debt and equity to support its operations and development plans, including the initiation of ore processing to generate cash flows. However, there are substantial liquidity concerns, with the company expressing doubt about its ability to continue as a going concern for at least one year from the issuance of the financial statements.

As of September 30, 2024, Western Uranium & Vanadium Corp. had cash and cash equivalents of $6,646,402, an increase from $5,810,969 in the previous year, but continues to face challenges in raising capital and generating sufficient cash flows from operations.