0001213900-18-006354.txt : 20180515 0001213900-18-006354.hdr.sgml : 20180515 20180515165138 ACCESSION NUMBER: 0001213900-18-006354 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Western Uranium Corp CENTRAL INDEX KEY: 0001621906 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55626 FILM NUMBER: 18837403 BUSINESS ADDRESS: STREET 1: 330 BAY STREET, SUITE 1400 CITY: TORONTO STATE: A6 ZIP: M5H 2S8 BUSINESS PHONE: (203) 340-5633 MAIL ADDRESS: STREET 1: 330 BAY STREET, SUITE 1400 CITY: TORONTO STATE: A6 ZIP: M5H 2S8 FORMER COMPANY: FORMER CONFORMED NAME: HOMELAND URANIUM INC. DATE OF NAME CHANGE: 20141009 10-Q 1 f10q0318_westernuranium.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________to ______________

Commission File Number 000-55626

WESTERN URANIUM CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Ontario, Canada

98-1271843

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification Number)

330 Bay Street, Suite 1400

Toronto, Ontario, Canada

M5H 2S8

(Address of Principal Executive Offices)

(Zip Code)

(970) 864-2125

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
(Do not check if a smaller reporting company)	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 14, 2018, 21,480,954 of the registrant’s no par value common shares were outstanding.

WESTERN URANIUM CORPORATION

FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2018

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		1
Item 1. Financial Statements		1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited)	2
	Condensed Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to the Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 4.	Controls and Procedures	24

PART II – OTHER INFORMATION		25
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 4.	Mine Safety Disclosures	25
Item 6.	Exhibits	26

SIGNATURES		27

PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements

WESTERN URANIUM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Stated in $USD)

	March 31, 2018			December 31, 2017
	(Unaudited)
Assets
Current assets:
Cash	$	119,758		$	427,020
Prepaid expenses		141,131			190,435
Marketable securities		3,104			3,123
Other current assets		71,778			64,763
Total current assets		335,771			685,341

Restricted cash		820,434			820,434
Mineral properties		11,645,218			11,645,218
Ablation intellectual property		9,488,051			9,488,051

Total assets	$	22,289,474		$	22,639,044

Liabilities and Shareholders' Equity

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	616,308		$	602,016
Subscription payable		39,575			-
Current portion of notes payable		492,274			487,450
Deferred revenue, current portion		44,620			40,000
Total current liabilities		1,192,777			1,129,466

Reclamation liability		199,396			196,821
Deferred tax liability		2,708,887			2,708,887
Deferred contingent consideration		384,290			390,350
Deferred revenue, net of current portion		81,185			60,000

Total liabilities		4,566,535			4,485,524

Commitments

Shareholders' Equity
Common stock, no par value, unlimited authorized shares, 20,510,806 and 20,510,806 shares issued as of March 31, 2018 and December 31, 2017, respectively and 20,510,500 and 20,510,500 shares outstanding as of March 31, 2018 and December 31, 2017, respectively		22,727,361			22,657,529
Treasury shares, 306 and 306 shares held in treasury as of March 31, 2018 and December 31, 2017, respectively		-			-
Accumulated deficit		(5,038,007	)		(4,540,143	)
Accumulated other comprehensive income		33,585			36,134
Total shareholders' equity		17,722,939			18,153,520
Total liabilities and shareholders' equity	$	22,289,474		$	22,639,044

The accompanying notes are in integral part of these condensed consolidated financial statements.

WESTERN URANIUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(Stated in $USD)

(Unaudited)

	Three months ended March 31,
	2018			2017
Revenues
Lease revenue	$	11,155		$	-

Expenses
Mining expenditures		49,055			40,618
Professional fees		179,226			225,494
General and administrative		224,919			226,187
Consulting fees		41,214			84,763
Unrealized foreign exchange gain		-			-
Total operating expenses		494,414			577,062

Operating loss		(483,259	)		(577,062	)

Interest expense, net		14,605			28,164

Net loss		(497,864	)		(605,226	)

Other comprehensive (loss) gain
Foreign exchange (loss) gain		(2,549	)		7,564

Comprehensive loss	$	(500,413	)	$	(597,662	)

Loss per share - basic and diluted	$	(0.02	)	$	(0.03	)

Weighted average shares outstanding, basic and diluted		20,510,500			18,928,210

The accompanying notes are in integral part of these condensed consolidated financial statements.

WESTERN URANIUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Stated in $USD)

(Unaudited)

	Common Shares				Treasury Shares				Accumulated			Accumulated Other Comprehensive
	Shares		Amount		Shares		Amount		Deficit			Income			Total

Balance as of January 1, 2018		20,510,500	$	22,657,529		306	$	-	$	(4,540,143	)	$	36,134		$	18,153,520
Stock based compensation - stock options		-		69,832		-		-		-			-			69,832
Foreign exchange gain		-		-		-		-		-			(2,549	)		(2,549	)
Net loss		-		-		-		-		(497,864	)		-			(497,864	)
Balance as of March 31, 2018		20,510,500	$	22,727,361		306	$	-	$	(5,038,007	)	$	33,585		$	17,722,939

The accompanying notes are in integral part of these condensed consolidated financial statements.

WESTERN URANIUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in $USD)

(Unaudited)

	For the Three Months Ended March 31,
	2018			2017
Cash Flows From Operating Activities:
Net loss	$	(497,864	)	$	(605,226	)
Reconciliation of net loss to cash used in operating activities:
Accretion of reclamation liability		2,575			1,528
Amortization of debt discount on notes payable		4,824			7,073
Stock based compensation		69,832			133,282
Change in foreign exchange on marketable securities		19			(30	)
Change in operating assets and liabilities:
Prepaid expenses and other current assets		42,289			(111,362	)
Accounts payable and accrued liabilities, net of shares issued for accounts payable		14,292			(7,648	)
Deferred revenue		25,805			-
Net cash used in operating activities		(338,228	)		(582,383	)

Cash Flows From Financing Activities:
Payment of Nueco Note		-			(185,564	)
Issuance of Common shares, net of offering costs		-			814,078
Receipt of subscription receivable		-			28,429
Receipt of subscription payable		39,575			-
Net cash provided by financing activities		39,575			656,943

Effect of foreign exchange rate on cash		(8,609	)		7,564

Net (decrease) increase in cash		(307,262	)		82,124

Cash - beginning		427,020			791,814

Cash - ending	$	119,758		$	873,938

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	-		$	-

Income taxes	$	-		$	-

Non-cash financing activities:

Shares issued for accounts payable and accrued expenses	$	-		$	83,338

There were no cash flows from investing activities during the three months ended March 31, 2018 and 2017

The accompanying notes are in integral part of these condensed consolidated financial statements.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 1 – Business

Nature of operations

Western Uranium Corporation (“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. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”).

The Company has registered offices 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 shares of common stock began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s common stock was approved for the commencement of trading on the OTCQX Best Market. Its principal business activity is the acquisition and development of uranium resource properties in the states of Utah and Colorado in the United States of America (“United States”).

On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. Thereafter, the Company was approved for Depository Trust Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement and depository services for shares in the United States.

Note 2 – Liquidity and going concern

The Company has incurred continuing losses from its operations and as of March 31, 2018 the Company had an accumulated deficit of $5,038,007 and a working capital deficiency of $857,006.

Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock.

The Company’s ability to continue its 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 financings, to secure regulatory approval to fully utilize its ablation 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 and required debt service. 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 financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

On May 4, 2018, the Company completed a private placement of 909,622 units at a price of CAD $0.68 (USD $0.53) per unit for gross proceeds of CAD $618,543 (USD $481,560). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.15 and expires two years from the date of issuance.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

Note 3 – SUMMARY OF Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2017, as filed with the SEC on April 2, 2018. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2018.

The accompanying condensed consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corporation (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. and Black Range Development Utah LLC. All significant 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”) under Industry Guide 7, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects.

Use of Estimates

The preparation of these condensed 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 financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include determining the fair value of transactions involving common stock, assessment of the useful life and evaluation for impairment of intangible assets, valuation and impairment assessments on mineral properties, deferred contingent consideration, and the reclamation liability, valuation of stock-based compensation, valuation of available-for-sale securities and valuation of long-term debt. 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 Corporation (Ontario)) is the Canadian dollar. Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. 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.

Revenue Recognition

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 ASC 840 “Leases”. Lease payments received in advance are deferred and recognized on a straight – line basis over the related lease term associated with the prepayment. Royalty payments are recognized as revenues when received.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

Note 3 – SUMMARY OF Significant Accounting Policies, continued

Fair Values of Financial Instruments

The carrying amounts of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities, and notes payable 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 reclamation deposits, which are reflected in restricted cash on the consolidated balance sheets, are deposits mainly invested in certificates of deposit at major financial institutions and their fair values were estimated to approximate their carrying values. The Company’s operations and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency 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.

ASC 820 “Fair Value Measurements and Disclosures” provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

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.

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 March 31, 2018	$	3,104	$	-	$	-

Marketable securities as of December 31, 2017	$	3,123	$	-	$	-

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 the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon 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.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

Note 3 – SUMMARY OF Significant Accounting Policies, continued

Income Taxes, continued

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 greater 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 March 31, 2018 and 2017, 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 three months ended March 31, 2018 and 2017. 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 tax return and its state tax returns in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2014 through 2017 remain subject to examination.

The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. As of December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act, and may change as the Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance with SEC Staff Accounting Bulletin No. 118, the Company will finalize the accounting for the effects of the Tax Act no later than the fourth quarter of 2018. Future adjustments made to the provisional effects will be reported as a component of income tax expense in the reporting period in which any such adjustments are determined. Based on the new tax law that lowers corporate tax rates, on December 31, 2017, the Company revalued its deferred tax assets.

Stock-Based Compensation

The Company follows ASC 718, Compensation - Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable of the fair value of the stock and the fair value of the service. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock-based awards under ASC 718. The fair value is charged to earnings depending on the terms and conditions of the award, and the nature of the relationship of the recipient of the award to the Company. The Company records the grant date fair value in line with the period over which it was earned. For employees and management, this is typically considered to be the vesting period of the award. For consultants the fair value of the award is recorded over the term of the service period, and unvested amounts are revalued at each reporting period over the service period. The Company estimates the expected forfeitures and updates the valuation accordingly.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

Note 3 – SUMMARY OF Significant Accounting Policies, continued

Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock 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 basic net loss per share for the three months ended March 31, 2018 and 2017 excludes potentially dilutive securities. The computations of net loss per share for each period presented 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 Three Months Ended March 31,
	2018		2017
Warrants to purchase shares of common stock		4,095,563		3,341,572
Options to purchase shares of common stock		1,783,664		1,346,996
Total potentially dilutive securities		5,879,227		4,688,568

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements, other than those disclosed below or in the Company’s Annual Report on Form 10-K filed with the SEC on April 2, 2018.

In August 2016 the FASB issued Topic ASU No. 2016-15 “Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 clarifies diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company adopted ASU 2016-15 on January 1, 2018 and it has not had a material impact on its condensed consolidated financial position and results of operations.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). ASU 2016-18 amends the classification and presentation of changes in restricted cash or restricted cash equivalents in the statement of cash flows. The Company adopted ASU 2016-18 on January 1, 2018 and it has not had a material impact on its condensed consolidated financial position and results of operations.

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “ASU” No. 2014-09, Revenue from Contracts with Customers (Topic 606) which was subsequently amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, and ASU 2017-13. These ASUs outline a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance includes a five-step framework that requires an entity to: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. In July 2015, the FASB deferred the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017. A full retrospective or modified retrospective approach is required. The Company has adopted ASU No. 2014-09 effective January 1, 2018.

The Company has elected to apply the modified retrospective method and the impact was determined to be immaterial on the condensed consolidated financial statements. Accordingly, the new revenue standard has been applied prospectively in the Company’s condensed consolidated financial statements from January 1, 2018 forward and reported financial information for historical comparable periods will not be revised and will continue to be reported under the accounting standards in effect during those historical periods.

The Company performed an analysis and determined that its revenues are not within the scope of ASC 606, and as such, the Company determined that its methods of recognizing revenues have not been impacted by the new guidance.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY

The Company’s mining properties acquired on August 18, 2014 that the Company retains as of March 31, 2018, include: 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 project 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 March 31, 2018, include Hansen, North Hansen, High Park, Hansen Picnic Tree, and Taylor Ranch, located in Fremont and Teller Counties, Colorado. The Company also acquired the Keota project located in Weld County, Wyoming and Ferris Haggerty 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.

On September 16, 2015, in connection with the Company’s acquisition of Black Range, the Company assumed an option and exploration agreement (the “Option and Exploration Agreement”) with STB Minerals, LLC, a Colorado limited liability company (“STB”). The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights). If the Company were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise; (b) issue shares of common stock to STB amounting to a value of $3,750,000 immediately upon exercise; and (c) issue shares of common stock to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise. The Option and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY, CONTINUED

The Option and Exploration Agreement provided an extension for an “event of force majeure”. Under this clause, the Company would receive an extension of the period during which it could exercise its option if it experiences an unreasonable delay outside its control that prevents it from exercising the option. On May 10, 2017, the Company provided to STB a notice that it was exercising the force majeure clause due to the delay by government regulators in licensing the Company’s ablation technology and permitting mining at the Hansen property. STB has contested the Company’s finding that an event of force majeure has occurred. Ongoing negotiations continued until September 21, 2017 when the Company and STB agreed to settle the matter through the pre-established arbitration mechanism. Prior to the commencement of arbitration, a settlement was agreed to on February 28, 2018 through the execution of an Amendment of Option and Exploration Agreement. As consideration, the Company paid STB a $20,000 extension payment and granted STB the right to seek a bona fide written offer over the remaining term, and agreed to the removal of the force majeure clause from the agreement. The Company received an extension until July 28, 2019 and a right of first refusal to match any bona fide written offer. Hence the Company already controls 49% of the resource property and retains an option to purchase the 51% of the resource property that the Company does not already control for the duration of the agreement. Further the Company believes the execution of this agreement is without financial implications, and as such, the Company has not made any adjustment to these condensed consolidated financials related to this matter.

A prior owner of the Van 4 Mine had been granted a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board (“MLRB”) which was set to expire June 23, 2017. Prior to its expiration, PRM formally requested an extension through a second Temporary Cessation. PRM subsequently, participated in a public process which culminated in a hearing on July 26, 2017. Prior to the hearing, three non-profit organizations who pursue environmental and conservation objectives filed a brief objecting to the extension. The MLRB board members voted to grant a second five-year Temporary Cessation for the Van 4 Mine. Thereafter the three objecting parties filed a lawsuit on September 18, 2017. The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit filed after a hearing include all of the parties to the proceeding. The plaintiff organizations were seeking for the court to set aside the board order granting a second five-year temporary cessation period to PRM for the Van 4 Mine. The Colorado state Attorney General was defending this action in the Denver Colorado District Court. On May 8, 2018, the Denver Colorado District Court ruled in favor of PRM, whereby the additional five-year temporary cessation period was granted.

The Company’s mineral properties and ablation intellectual property are:

	As of
	March 31, 2018		December 31, 2017
Mineral properties	$	11,645,218	$	11,645,218
Ablation intellectual property	$	9,488,051	$	9,488,051

Oil and Gas Lease and Easement

On July 18, 2017, an oil and gas lease became effective with respect to minerals and mineral rights owned by of the Company of approximately 160 surface acres of the Company’s property in Colorado. As consideration for entering into the lease, the Company received $120,000 during the third quarter of 2017. The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate. The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest. The Company is recognizing the initial payment incrementally over the term of the lease.

On February 26, 2018, the Company entered into a further agreement with the same entity as the oil and gas lease to provide them with an easement to an additional part of the Company’s property solely for the purposes of transporting the oil and gas extracted via a pipeline. As consideration for the easement, the Company received $36,960 during the first quarter of 2018. The Company is recognizing this payment incrementally over the eight year term of the easement.

During the three months ended March 31, 2018 and 2017, the Company recognized aggregate revenue of $11,155 and $0, respectively under these oil and gas lease arrangements.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY, CONTINUED

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 as of March 31, 2018 and December 31, 2017, to be approximately $820,434 and $820,434, respectively. During the three months ended March 31, 2018 and 2017, the accretion of the reclamation liabilities was $2,575 and $1,528, respectively. The Company expects to begin incurring the reclamation liability after 2054 and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate of 5.4% to net discounted aggregated values as of March 31, 2018 and December 31, 2017 of $199,396 and $196,821, respectively. The gross reclamation liabilities as of March 31, 2018 are secured by certificates of deposit in the amount of $820,434.

On April 11, 2018, the Company received notice from the Colorado Division of Reclamation, Mining and Safety (“CDRMS”) in regards to its reclamation liability. CDRMS has recalculated the Company’s estimated future reclamation liability, which would require the Company to increase its certificates of deposit that secure its reclamation liability by $68,517. The Company has until June 8, 2018 to comply with or appeal the determination. The Company is currently evaluating the notice and determining its position.

Reclamation liability activity for the three months ended March 31, 2018 and 2017 consists of:

	For the three months ended March 31,
	2018		2017
Beginning balance	$	196,821	$	403,639
Accretion		2,575		1,528
Ending Balance	$	199,396	$	405,167

NOTE 5 – Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of:

	As of
	March 31, 2018		December 31, 2017
Trade accounts payable	$	460,459	$	453,618
Accrued liabilities		155,849		148,398
	$	616,308	$	602,016

NOTE 6 – Notes Payable

EFHC Note

On August 18, 2014, in connection with the purchase of certain of the mineral properties, the Company entered into a note payable with Energy Fuels Holding Corporation (“EFHC”) (the “EFHC Note”) for $500,000. The EFHC Note bears interest at a rate of 3.0% per annum and is secured by a first priority interest in certain of the Company’s mineral properties. On the date of the purchase, the Company recorded the EFHC Note net of a discount for interest of $73,971 at a rate of 4% per annum, resulting in a total effective interest rate of 7% per annum. The discount is being amortized using the effective interest method over the life of the loan. All principal on the EFHC Note is due and payable on August 18, 2018 and interest on the EFHC Note is due and payable annually beginning August 18, 2015.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 6 – Notes Payable, CONTINUED

Notes Payable Summary

Notes payable consisted of:

	Principal		Discount		Balance, Net of Discount		Current		Non-Current
March 31, 2018	$	500,000	$	7,726	$	492,274	$	492,274	$	—

December 31, 2017	$	500,000	$	12,550	$	487,450	$	487,450	$	—

The Company’s total interest expense, net, consisted of:

	For the Three Months Ended March 31,
	2018			2017
Interest expense, notes payable	$	7,479		$	5,861
Amortization of discount on notes payable		4,824			20,324
Accretion of reclamation liabilities		2,575			1,528
Other interest expense		-			726
Interest income		(273	)		(275	)
Interest expense, net	$	14,605		$	28,164

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 7 - COMMITMENTS

Russell Fryer

On July 28, 2017, Russell Fryer was appointed the Company’s Executive Chairman. On November 13, 2017, the Company entered into a consulting agreement with an affiliate of Mr. Fryer. The agreement became effective on July 28, 2017 and, pursuant to its terms, expires on December 31, 2018. The agreement may be terminated by either party with 90 days’ notice. The agreement provides for compensation of $15,000 per month and an annual bonus at the discretion of the Board of Directors. Pursuant to the agreement, if a change of control occurs wherein the consideration in such change of control is more than USD $2.00 per share, the Company is required to pay a lump sum in the amount of two and one-half times the entity’s annual fee to this entity. On January 29, 2018, the Company provided the requisite 90-day notification to terminate the consulting agreement, effective April 30, 2018. On May 1, 2018, following the termination of this consulting contract, Mr. Fryer resigned as director and executive chairman of the board of directors.

NOTE 8 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

Authorized Capital

The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of legally available funds. Upon the liquidation, dissolution, or winding up of the Company, holders of common stock are entitled to share rateably in all assets of the Company that are legally available for distribution. As of March 31, 2018 and December 31, 2017, an unlimited number of common shares were authorized for issuance.

Private Placement

Incentive Stock Option Plan

The Company maintains an Incentive Stock Option Plan (the “Plan”) that permits the granting of stock options as incentive compensation. Shareholders of the Company approved the Plan on June 30, 2008 and amendments to the Plan on June 20, 2013, and the Board of Directors approved additional changes to the Plan on September 12, 2015.

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 March 31, 2018, a total of 20,510,500 common shares were outstanding, and at that date the maximum number of stock options eligible for issue under the Plan was 2,051,050.

On February 8, 2018, the Company granted options under the plan for the purchase of an aggregate of 100,000 shares of common stock to a director. The options have an exercise price of CAD $1.00 (US $0.78 as of March 31, 2018) and vest one half on the date of grant and one half on December 31, 2018. One half of the options expire on January 31, 2023 and the remaining options expire on December 31, 2023.

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

NOTE 8 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Stock Options

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Life (years)		Weighted Average Grant Date Fair Value		Intrinsic Value
Outstanding - January 1, 2018		1,846,996		$	1.92
Granted		100,000		$	0.78
Expired, forfeited, or cancelled		(163,332	)	$	4.56
Exercised		—			—
Outstanding - March 31, 2018		1,783,664		$	1.77		3.85	$	0.40	$	—
Exercisable - March 31, 2018		1,733,664		$	1.80		3.80	$	0.41	$	—

The Company’s stock based compensation expense related to stock options for the three months ended March 31, 2018 and 2017 was $69,832 and $133,282, respectively. As of March 31, 2018, the Company had $2,572 in unamortized stock option expense, which will be amortized over a period of 0.75 years.

The Company utilized the Black-Scholes option pricing model to determine the fair value of these stock options, using the assumptions as outlined below.

	February 8, 2018
Stock Price		CAD $0.52
Exercise Price		CAD $1.00
Number of Options Granted		100,000
Dividend Yield		0	%
Expected Volatility		49	%
Weighted Average Risk-Free Interest Rate		1.64	%
Expected life (in years)		2.50 - 3.00

Warrants

	Number of Shares		Weighted Average Exercise Price		Weighted Average Contractual Life (years)		Intrinsic Value
Outstanding, January 1, 2018		4,095,563	$	2.27
Outstanding - March 31, 2018		4,095,563	$	2.27		3.56	$	-
Exercisable - March 31, 2018		4,095,563	$	2.27		3.56	$	-

WESTERN URANIUM CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Stated in $USD)

(unaudited)

Note 9 – Mining Expenditures

	For the Three Months Ended March 31,
	2018		2017
Permits	$	45,455	$	28,751
Maintenance		-		11,867
Contract Labor		3,600		-
	$	49,055	$	40,618

NOTE 10 – Related Party Transactions (Including Key Management Compensation)

The Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows:

Pursuant to a consulting agreement, a United States limited liability company owned by a person who was a director, and on July 28, 2017, became the Company’s executive chairman, entered into a consulting agreement with the Company effective April 1, 2016 to provide financial, advisory, and consulting services, including representing the Company to a variety of stakeholders for a six month term ending on September 30, 2016. On October 1, 2016 the Company extended this agreement through January 31, 2017. Professional fees for the three months ended March 31, 2018 and 2017 were $45,000 and $15,014, respectively, related to this agreement. As of March 31, 2018 and December 31, 2017, the Company had $0 and $0, respectively, included in accounts payable and accrued liabilities payable to this entity.

On April 1, 2017, the Company entered into a new consulting agreement with a United States limited liability company owned by a person who is a director. The consulting agreement is to provide assistance with capital raising activities and other financial, advisory, and consulting services for the period April 1, 2017 through June 30, 2017. At June 30, 2017 and the last day of each month thereafter, the agreement may be extended by the Company on a month-to-month basis with seven days’ notice. The agreement has a monthly fee of $15,000. Pursuant to the consulting agreement, if the Company completes a merger with a third party introduced by this director whereby more than 50% of the Company’s then outstanding shares are transferred to that third party, the Company is required to pay a lump sum in an amount of $350,000 to this entity. On January 29, 2018, the Company provided the requisite 90-day notification to terminate the consulting agreement, effective April 30, 2018, upon which date the agreement was terminated. On May 1, 2018, upon termination of the agreement, this director resigned from his positions as director and as executive chairman.

Prior to the acquisition of Black Range, Mr. George Glasier, the Company’s CEO, who is also a director, 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 $384,290) to Seller within 60 days of the first commercial application of the ablation technology. Western 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 estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $384,290 and $390,350 as of March 31, 2018 and December 31, 2017, respectively.

NOTE 11 – SUBSEQUENT EVENTS

Private placement

Shares issued in exchange for accounts payable

On May 4, 2018, the Company issued 60,832 shares of its common stock to two vendors of the Company in satisfaction of an aggregate of CAD $41,366 (USD $32,205) of accounts payable.

Reclamation liability

On April 11, 2018, the Company received a notice from CDRMS. See Note 4 for more information.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

The information disclosed in this quarterly report, and the information incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained or incorporated by reference in this quarterly report are based on our current expectations and beliefs concerning future developments and their potential effects on us and speak only as of the date of each such statement. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in this Item 2 of Part I of this quarterly report and in Item 1A of Part II of this quarterly report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

The following discussion should be read in conjunction with our condensed consolidated interim financial statements and footnotes thereto contained in this quarterly report.

Overview

General

Western Uranium Corporation ("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. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”).

On August 18, 2014, the Company closed on the purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp. Assets purchased included both owned and leased lands in Utah and Colorado and all represent properties that have been previously mined for uranium to varying degrees in the past. The acquisition included the purchase of the Sunday Mine Complex. The Sunday Mine Complex is located in western San Miguel County, Colorado. The complex consists of the following five individual mines: the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the Topaz mine. The operation of each of these mines requires a separate permit and all such permits have been obtained by Western and are currently valid. In addition, each of the mines has good access to a paved highway, electric power to existing declines, office/storage/shop and change buildings, and extensive underground haulage development with several vent shafts complete with exhaust fans. The Sunday Mine Complex is where the Company anticipates it would start mining and Ablation operations, since the complex is ready to be mined.

On September 16, 2015, Western completed its acquisition of Black Range, an Australian company that was listed on the Australian Securities Exchange until the acquisition was completed. The acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into between Western and Black Range. Pursuant to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme of Arrangement (“the Scheme”) under the Australian Corporation Act 2001 (Cth) (the "Black Range Transaction"), with Black Range shareholders being issued common shares of Western on a 1 for 750 basis. On August 25, 2015, the Scheme was approved by the shareholders of Black Range and on September 4, 2015, Black Range received approval by the Federal Court of Australia. In addition, Western issued to certain employees, directors and consultants options to purchase Western common shares. Such stock options were intended to replace Black Range stock options outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

The Company has registered offices at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8 and its common shares are listed on the CSE under the symbol "WUC" and are traded on the OTCQX Best Market under the symbol “WSTRF”. Its 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”).

Recent Developments

May 2018 Private Placement

Shares issued in exchange for accounts payable

On May 4, 2018, the Company issued 60,832 shares of its common stock to two vendors of the Company in satisfaction of an aggregate of CAD $41,366 (USD $32,205) of accounts payable.

Ablation Licensing

During 2016, Western submitted documentation to the CDPHE for a determination ruling regarding the type of license which may be required for the application of Ablation at the Sunday Mine Complex within the state of Colorado. During May and June of 2016, CDPHE held four public meetings in several cities in Colorado as part of the process. On July 22, 2016 CDPHE closed the comment period. In connection with this matter, the CDPHE consulted with the United States Nuclear Regulatory Commission (“NRC”). In response, the CDPHE received an advisory opinion dated October 16, 2016, which did not contain support for the NRC’s opinion and with which Western’s regulatory counsel does not agree. NRC’s advisory opinion recommends that Ablation should be regulated as a milling operation, but did recognize that there may be exemptions to certain milling regulatory requirements due to the benign nature of the non-uranium bearing sands produced after Ablation is completed on uranium-bearing ores. On December 1, 2016, the CDPHE issued a determination that the proposed ablation operations at the Sunday Mine must be regulated by the CDPHE through a milling license. The 2017 increase in the blended uranium/vanadium price has brought the Company closer to production. Consequently in 2018, Western plans to continue to advance Ablation by seeking a further regulatory determination from the CDPHE and/or the NRC. During 2017, the Company’s regulatory counsel prepared significant documentation in preparation for a prospective submission.

Company management believes the key production determinant will be in the use and application of Ablation. In December 2016, CDPHE issued a decision letter that enables the use of Ablation at the Sunday Mine Complex in the state of Colorado under milling license regulations and which also recognized the appropriateness of exemptions to certain milling regulatory requirements. Further, the Company’s attorneys are not fully in agreement with aspects of the decision letter from the CDPHE, thus the Company expects to pursue additional regulatory clarifications which the Company’s management believes would make the application of Ablation potentially more economically advantageous. While resource prices are below target levels, the Company is focusing on improving the regulatory regime which governs the application of Ablation with the goal of minimizing future production costs.

The Company is exploring the application of Ablation to other minerals, which may not be subject to the same regulatory requirements applicable to uranium.

Letter Of Intent with Pinon Ridge Mill

The Company has entered into a letter of intent with Pinon Ridge Corporation for use of its Ablation at the permitted uranium recovery facilities at the Pinon Ridge Mill site. The letter of intent provides for the processing of all of Western’s ore produced by its mines in the region at the mill site to produce U308 and vanadium utilizing both the application of Ablation mining technology and traditional milling techniques, at a cost to be determined in a definitive agreement. The Pinon Ridge Mill license is held by Pinon Ridge Resources Corporation, a wholly owned subsidiary of Pinon Ridge Corporation, which is owned by Mr. George Glasier, our Chief Executive Officer and a director, Mr. Andrew Wilder, a director, and Mr. Russell Fryer, a former executive chairman and director. The letter of intent is subject to the signing of a definitive agreement between the parties the original deadline as extended has passed but both parties will recommit to constituting a relationship in 2018. Discussions were delayed in 2017 when the board of directors was without a director who did not have a conflict of interest from having an ownership interest in the Pinon Ridge Mill. With the Company's appointment of a new director meeting this criteria, during the first quarter of 2018, the prerequisites are now in place to recommence this initiative. The Pinon Ridge Mill is permitted, but at the pre-development stage.

On April 26, 2018, the radioactive materials license held by Pinon Ridge Resources Corporation for the Pinon Ridge Mill was revoked. Pinon Ridge Resources Corporation disagrees with the ruling and is currently appealing the revocation.

Mining Deposit Option and Exploration Agreement

On September 16, 2015, in connection with the Company’s acquisition of Black Range, the Company assumed an option and exploration agreement (the “Option and Exploration Agreement”) with STB Minerals, LLC, a Colorado limited liability company (“STB”). The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights under the Hansen project (for which the Company already holds 49% of the rights). If the Company were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise; (b) issue shares of common stock to STB amounting to a value of $3,750,000 immediately upon exercise; and (c) issue shares of common stock to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise. The Option and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.

The Option and Exploration Agreement provided an extension for an “event of force majeure”. Under this clause, the Company would receive an extension of the period during which it could exercise its option if it experiences an unreasonable delay outside its control that prevents it from exercising the option. On May 10, 2017, the Company provided to STB a notice that it was exercising the force majeure clause due to the delay by government regulators in licensing the Company’s ablation technology and permitting mining at the Hansen property. STB has contested the Company’s finding that an event of force majeure has occurred. Ongoing negotiations continued until September 21, 2017 when the Company and STB agreed to settle the matter through the pre-established arbitration mechanism. Prior to the commencement of arbitration, a settlement was agreed to on February 28, 2018 through the execution of an Amendment of Option and Exploration Agreement. As consideration, the Company paid STB a $20,000 extension payment and granted STB the right to seek a bona fide written offer over the remaining term, and agreed to the removal of the force majeure clause from the agreement. The Company received an extension until July 28, 2019 and a right of first refusal to match any bona fide written offer. Hence the Company already controls 49% of the resource property and retains an option to purchase the 51% of the resource property that the Company does not already own for the duration of the agreement. Further the Company believes the execution of this agreement is without financial implications, and as such, the Company has not made any adjustment to these consolidated financials related to this matter.

Van 4 Mine Temporary Cessation Order

A prior owner of the Van 4 Mine had been granted a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board (“MLRB”) which was set to expire June 23, 2017. Prior to its expiration, PRM formally requested an extension through a second Temporary Cessation. PRM subsequently participated in a public process which culminated in a hearing on July 26, 2017. Prior to the hearing, three non-profit organizations who pursue environmental and conservation objectives filed a brief objecting to the extension. The MLRB board members voted to grant a second five-year Temporary Cessation for the Van 4 Mine. Thereafter the three objecting parties filed a lawsuit on September 18, 2017. The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit filed after a hearing include all of the parties to the proceeding. The plaintiff organizations were seeking for the court to set aside the board order granting a second five-year temporary cessation period to PRM for the Van 4 Mine. The Colorado state Attorney General was defending this action in the Denver Colorado District Court. On May 8, 2018, the Denver Colorado District Court ruled in favor of PRM, whereby the additional five-year temporary cessation period was granted.

Resignation of Director

On January 28, 2018, the Company provided 90-day notice to Mr. Russell Fryer and Baobab Asset Management that it would be terminating its consulting contract. On May 1, 2018, following the termination of this consulting contract, Mr. Fryer resigned as director and executive chairman of the board of directors.

Appointment of Director

On February 8, 2018, the Company appointed Mr. Bryan Murphy as a director. On May 1, 2018, Mr. Murphy was appointed chairman of the board of directors.

Results of Operations

	For the Three Months Ended March 31,
	2018			2017
Revenue
Lease revenue	$	11,155		$	-
Expenses
Mining expenditures		49,055			40,618
Professional fees		179,226			225,494
General and administrative		224,919			226,187
Consulting fees		41,214			84,763
Total operating expenses		494,414			577,062

Operating loss		(483,259	)		(577,062	)

Interest expense, net		14,605			28,164

Net loss		(497,864	)		(605,226	)

Other comprehensive (loss) gain
Foreign exchange (loss) gain		(2,549	)		7,564

Comprehensive Loss	$	(500,413	)	$	(597,662	)

Net loss per share - basic and diluted	$	(0.02	)	$	(0.03	)

Three Months Ended March 31, 2018 as Compared to the Three Months Ended March 31, 2017

Summary

Our condensed consolidated net loss for the three months ended March 31, 2018 and 2017 was $497,864 and $605,226 or $0.02 and $0.03 per share, respectively. The principal components of these quarter over quarter changes are discussed below.

Our comprehensive loss for the three months ended March 31, 2018 and 2017 was $500,413 and $597,662, respectively.

Revenue

Our revenue for the three months ended March 31, 2018 and 2017 was $11,155 and $nil, respectively. The revenue in 2017 resulted from rental income pursuant to a July 18, 2017 lease and February 26, 2018 easement with an oil and gas producer.

Mining Expenditures

Mining expenditures for the three months ended March 31, 2018 were $49,055 as compared to $40,618 for the three months ended March 31, 2017. The increase in mining expenditures of $8,437, or 21% was principally attributable to differences in timing and recognition of permit costs.

Professional Fees

Professional fees for the three months ended March 31, 2018 were $179,226 as compared to $225,494 for the three months ended March 31, 2017. The decrease in professional fees of $46,268, or 21% was principally due to a decrease in audit, legal and accounting fees.

General and Administrative

General and administrative expenses for the three months ended March 31, 2018 were $224,919 as compared to $226,187 for the three months ended March 31, 2017. The decrease in general and administrative expense of $1,268, or 1% is due to a decrease in payroll expenses.

Consulting Fees

Consulting fees for the three months ended March 31, 2018 were $41,214 as compared to $84,763 for the three months ended March 31, 2017. The decrease in consulting fees of $43,549, or 51% was principally related to the decreased costs of consulting agreements with related parties to provide services.

Interest Expense, net

Interest expense, net, for the three months ended March 31, 2018 was $14,605 as compared to $28,164 for the three months ended March 31, 2017. The decrease of interest expense, net, of $13,559, or 48% was attributable to the decrease in interest expense due to the repayments of the Nueco Note and Siebels Note.

Foreign Exchange

Foreign exchange gain (loss) for the three months ended March 31, 2018 was $(2,549) as compared to $7,564 for the three months ended March 31, 2017. The decrease of the foreign exchange loss of $10,113, or 134% is primarily due to the U.S. Dollar strengthening against the Canadian Dollar.

Liquidity and Capital Resources

The Company’s cash balance as of March 31, 2018 was $119,758. The Company’s cash position is highly dependent on its ability to raise capital through the issuance of debt and equity and its management of expenditures for mining development and for fulfillment of its public reporting responsibilities. The Company expects to require additional capital in order to continue the development of Ablation. Management believes that in order to finance the development of the mining properties and Ablation, the Company will be required to raise significant additional capital by way of debt and/or equity. This outlook is based on the Company’s current financial position and is subject to change if opportunities become available based on current exploration program results and/or external opportunities.

Net cash used in operating activities

Net cash used in operating activities was $338,228 for the three months ended March 31, 2018, as compared with $582,383 for the three months ended March 31, 2017. Of the $338,228 in net cash used in operating activities, $497,864 is derived from our net loss. During the three months ended March 31, 2018, $14,292 was represented an increase accounts payable and accrued liabilities, $42,289 represented a decrease in prepaid expenses and $25,805 represented an increase in deferred revenue.

Net cash used in investing activities

There was no cash provided by or used in investing activities during the three months ended March 31, 2018 and 2017.

Net cash provided by financing activities

Net cash provided by financing activities for the three months ended March 31, 2018 was $39,575 as compared to $656,943 for the three months ended March 31, 2017. For the three months ended March 31, 2018, the net cash provided by financing activities consisted of $39,575 from the proceeds received in advance of our May 2018 private placement.

Reclamation Liability

The reclamation liabilities of the US 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 as of March 31, 2018 to be approximately $820,434. During the three months ended March 31, 2018 and 2017, the accretion of the reclamation liabilities was $2,575 and $1,528, respectively. Except in regard to its Alaska coal mine property (as discussed below), the Company expects to begin incurring the reclamation liability after 2054 and accordingly, has discounted the gross liabilities over a thirty year life using a discount rate of 5.4% to a net discounted value as of March 31, 2018 and December 31, 2017 of $199,396 and $196,821, respectively. The gross reclamation liabilities as of March 31, 2018 are secured by certificates of deposit in the amount of $820,434.

Oil and Gas Lease

On February 26, 2018, the Company entered into a further agreement with the same entity as the oil and gas lease to give them an easement to an additional part of the Company’s property solely for the purposes of transporting the oil and gas via a pipeline. As consideration for the easement, the Company received $36,960.

Related Party Transactions

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, 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 the seller and committed to pay AUD $500,000 (USD $384,290) to the seller within 60 days of the first commercial application of the ablation technology. Western 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 estimable, the Company recorded the deferred contingent consideration as an assumed liability.

Going Concern

The Company has incurred continuing losses from its operations and as of March 31, 2018 the Company had an accumulated deficit of $5,038,007 and working capital deficit of $857,006.

Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock.

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 and required debt service. 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. These condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Off Balance Sheet Arrangements

As of March 31, 2018, there were no off-balance sheet transactions. The Company has not entered into any specialized financial agreements to minimize its investment risk, currency risk or commodity risk.

Critical Accounting Estimates and Policies

The preparation of these condensed consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, include, but are not limited to, the following: fair value of transactions involving shares of common stock, assessment of the useful life and evaluation for impairment of intangible assets, valuation and impairment assessments on mineral properties, deferred contingent consideration, the reclamation liability, valuation of stock-based compensation, valuation of available-for-sale securities and valuation of long-term debt, HST and asset retirement obligations. Other areas requiring estimates include allocations of expenditures, depletion and amortization of mineral rights and properties.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, our principal executive officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on their evaluation of our disclosure controls and procedures, our principal executive officer and principal financial officer, with the participation of the Company’s management, concluded that our disclosure controls and procedures were not effective as of March 31, 2018, to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is (a) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (b) accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow for timely decisions regarding required disclosure.

Description of Material Weakness

Management has concluded that the Company’s disclosure controls and procedures were not effective as of March 31, 2018, due to the lack of segregation of duties and the failure to report disclosures on a timely basis.

Remediation of Material Weakness

Management has developed a plan and related timeline for the Company to design a set of control procedures and the related required documentation thereof in order to address this material weakness. However, until the Company has the proper staff in place, it likely will not be able to remediate its material weaknesses.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during the current fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

In the opinion of management, we are not involved in any claims, legal actions or regulatory proceedings as of March 31, 2018, the ultimate disposition of which would have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

Item 1A.

Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed under “Risk Factors” in our Form 10-K as filed with the Securities and Exchange Commission on April 2, 2018. These factors could materially adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by any forward-looking statements contained in this report.

Item 4.

Mine Safety Disclosures

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States, and that is subject to regulation by the Federal Mine Safety and Health Administration under the Mine Safety and Health Act of 1977 (“Mine Safety Act”), are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. As Western Uranium does not operate any coal or other mines, no such disclosure is required.

Item 6.

Exhibits

Exhibit No.		Description

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WESTERN URANIUM CORPORATION

Date: May 15, 2018	By:	/s/ George Glasier
		George Glasier
		Chief Executive Officer (Principal executive officer)

Date: May 15, 2018	By:	/s/ Robert Klein
		Robert Klein
		Chief Financial Officer (Principal financial and accounting officer)

EX-31.1 2 f10q0318ex31-1_western.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION

PURSUANT TO RULE 13a-14 AND 15d-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, George Glasier, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Western Uranium Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018

	By:	/s/ George Glasier
	Name:	George Glasier
	Title:	Chief Executive Officer and President (Principal Executive Officer)

EX-31.2 3 f10q0318ex31-2_western.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION

PURSUANT TO RULE 13a-14 AND 15d-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Robert Klein, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Western Uranium Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018

	By:	/s/ Robert Klein
	Name:	Robert Klein
	Title:	Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32 4 f10q0318ex32_western.htm CERTIFICATION

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Western Uranium Corporation (the “Company”) for the quarter ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2018
	By:	/s/ George Glasier
	Name:	George Glasier
	Title:	Chief Executive Officer and President
		(Principal Executive Officer)

Date: May 15, 2018
	By:	/s/ Robert Klein
	Name:	Robert Klein
	Title:	Chief Financial Officer
		(Principal Financial Officer and
		Principal Accounting Officer)

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<div><p style="font: small-caps bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; color: #000000; text-transform: uppercase; text-indent: -35.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 1 – BUSINESS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; text-align: justify; color: #000000; text-transform: none; text-indent: 111pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Nature of operations<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Western Uranium Corporation (“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. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company has registered offices 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 shares of common stock began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s common stock was approved for the commencement of trading on the OTCQX Best Market. Its principal business activity is the acquisition and development of uranium resource properties in the states of Utah and Colorado in the United States of America (“United States”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. Thereafter, the Company was approved for Depository Trust Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement and depository services for shares in the United States.</div>

<div><p style="font: small-caps bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; color: #000000; text-transform: uppercase; text-indent: -35.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 2 – LIQUIDITY AND GOING CONCERN<p style="font: small-caps bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; color: #000000; text-transform: uppercase; text-indent: -35.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company has incurred continuing losses from its operations and as of March 31, 2018 the Company had an accumulated deficit of $5,038,007 and a working capital deficiency of $857,006.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company’s ability to continue its 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 financings, to secure regulatory approval to fully utilize its ablation technology and to initiate the processing of ore to generate operating cash flows.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; color: #000000; text-transform: none; text-indent: -35.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 35.95pt; color: #000000; text-transform: none; text-indent: -35.95pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">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 and required debt service. 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 financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">On May 4, 2018, the Company completed a private placement of 909,622 units at a price of CAD $0.68 (USD $0.53) per unit for gross proceeds of CAD $618,543 (USD $481,560). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.15 and expires two years from the date of issuance.</div>

<div> <p style="font: small-caps bold 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR INTERIM FINANCIAL INFORMATION AND WITH THE INSTRUCTIONS TO FORM 10–Q AND RULE 10 OF REGULATION S–X. ACCORDINGLY, THEY DO NOT INCLUDE ALL OF THE INFORMATION AND NOTES REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. HOWEVER, IN THE OPINION OF THE MANAGEMENT OF THE COMPANY, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE FINANCIAL POSITION AND OPERATING RESULTS HAVE BEEN INCLUDED IN THESE STATEMENTS. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN THE COMPANY’S ANNUAL REPORT ON FORM 10–K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017, AS FILED WITH THE SEC ON APRIL 2, 2018. OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 ARE NOT NECESSARILY INDICATIVE OF THE RESULTS THAT MAY BE EXPECTED FOR ANY SUBSEQUENT QUARTERS OR FOR THE YEAR ENDING DECEMBER 31, 2018. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF WESTERN AND ITS WHOLLY-OWNED SUBSIDIARIES, WESTERN URANIUM CORPORATION (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. AND BLACK RANGE DEVELOPMENT UTAH LLC. ALL SIGNIFICANT INTER-COMPANY TRANSACTIONS AND BALANCES HAVE BEEN ELIMINATED UPON CONSOLIDATION. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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”) UNDER INDUSTRY GUIDE 7, THROUGH THE COMPLETION OF A “FINAL” OR “BANKABLE” FEASIBILITY STUDY FOR ANY OF ITS URANIUM PROJECTS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">USE OF ESTIMATES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE PREPARATION OF THESE CONDENSED 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 FINANCIAL STATEMENTS OF CHANGES IN SUCH ESTIMATES IN FUTURE PERIODS COULD BE SIGNIFICANT. SIGNIFICANT AREAS REQUIRING MANAGEMENT’S ESTIMATES AND ASSUMPTIONS INCLUDE DETERMINING THE FAIR VALUE OF TRANSACTIONS INVOLVING COMMON STOCK, ASSESSMENT OF THE USEFUL LIFE AND EVALUATION FOR IMPAIRMENT OF INTANGIBLE ASSETS, VALUATION AND IMPAIRMENT ASSESSMENTS ON MINERAL PROPERTIES, DEFERRED CONTINGENT CONSIDERATION, AND THE RECLAMATION LIABILITY, VALUATION OF STOCK-BASED COMPENSATION, VALUATION OF AVAILABLE-FOR-SALE SECURITIES AND VALUATION OF LONG-TERM DEBT. OTHER AREAS REQUIRING ESTIMATES INCLUDE ALLOCATIONS OF EXPENDITURES, DEPLETION AND AMORTIZATION OF MINERAL RIGHTS AND PROPERTIES. ACTUAL RESULTS COULD DIFFER FROM THOSE ESTIMATES. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">FOREIGN CURRENCY TRANSLATION <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 CORPORATION (ONTARIO)) IS THE CANADIAN DOLLAR. MONETARY ASSETS AND LIABILITIES OF THESE SUBSIDIARIES ARE TRANSLATED AT THE EXCHANGE RATES AT THE BALANCE SHEET DATE. 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">REVENUE RECOGNITION <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 ASC 840 “LEASES”. LEASE PAYMENTS RECEIVED IN ADVANCE ARE DEFERRED AND RECOGNIZED ON A STRAIGHT – LINE BASIS OVER THE RELATED LEASE TERM ASSOCIATED WITH THE PREPAYMENT. ROYALTY PAYMENTS ARE RECOGNIZED AS REVENUES WHEN RECEIVED. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">FAIR VALUES OF FINANCIAL INSTRUMENTS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE CARRYING AMOUNTS OF CASH AND CASH EQUIVALENTS, RESTRICTED CASH, ACCOUNTS PAYABLE, ACCRUED LIABILITIES, AND NOTES PAYABLE 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 RECLAMATION DEPOSITS, WHICH ARE REFLECTED IN RESTRICTED CASH ON THE CONSOLIDATED BALANCE SHEETS, ARE DEPOSITS MAINLY INVESTED IN CERTIFICATES OF DEPOSIT AT MAJOR FINANCIAL INSTITUTIONS AND THEIR FAIR VALUES WERE ESTIMATED TO APPROXIMATE THEIR CARRYING VALUES. THE COMPANY’S OPERATIONS AND FINANCING ACTIVITIES ARE CONDUCTED PRIMARILY IN UNITED STATES DOLLARS AND AS A RESULT, THE COMPANY IS NOT SUBJECT TO SIGNIFICANT EXPOSURE TO MARKET RISKS FROM CHANGES IN FOREIGN CURRENCY 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ASC 820 “FAIR VALUE MEASUREMENTS AND DISCLOSURES” PROVIDES THE FRAMEWORK FOR MEASURING FAIR VALUE. THAT FRAMEWORK PROVIDES A FAIR VALUE HIERARCHY THAT PRIORITIZES THE INPUTS TO VALUATION TECHNIQUES USED TO MEASURE FAIR VALUE. THE HIERARCHY GIVES THE HIGHEST PRIORITY TO UNADJUSTED QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1 MEASUREMENTS) AND THE LOWEST PRIORITY TO UNOBSERVABLE INPUTS (LEVEL 3 MEASUREMENTS). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">LEVEL 1 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS THAT CANNOT BE CORROBORATED BY MARKET DATA. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE FAIR VALUE OF THE COMPANY’S FINANCIAL INSTRUMENTS ARE AS FOLLOWS: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding: 0px; text-indent: 0px;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS (LEVEL 2)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0px; width: 1003px; text-indent: 0px;">MARKETABLE SECURITIES AS OF MARCH 31, 2018</td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,104</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">    -</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">      -</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0px; text-indent: 0px;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0px; text-indent: 0px;">MARKETABLE SECURITIES AS OF DECEMBER 31, 2017</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,123</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">INCOME TAXES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT MAKES JUDGMENTS AS TO THE INTERPRETATION OF THE TAX LAWS THAT MIGHT BE CHALLENGED UPON 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 GREATER 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 MARCH 31, 2018 AND 2017, NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS WAS REQUIRED TO BE REPORTED. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 THREE MONTHS ENDED MARCH 31, 2018 AND 2017. 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY HAS IDENTIFIED ITS FEDERAL TAX RETURN AND ITS STATE TAX RETURNS IN COLORADO AND UTAH AS ITS “MAJOR” TAX JURISDICTIONS, AND SUCH RETURNS FOR THE YEARS 2014 THROUGH 2017 REMAIN SUBJECT TO EXAMINATION. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE TAX CUTS AND JOBS ACT (THE “TAX ACT”) WAS ENACTED ON DECEMBER 22, 2017. THE TAX ACT REDUCED THE U.S. FEDERAL CORPORATE TAX RATE FROM 35% TO 21%. AS OF DECEMBER 31, 2017, THE COMPANY HAD MADE A REASONABLE ESTIMATE OF THE EFFECTS OF THE TAX ACT. THIS ESTIMATE INCORPORATES ASSUMPTIONS MADE BASED UPON THE COMPANY’S CURRENT INTERPRETATION OF THE TAX ACT, AND MAY CHANGE AS THE COMPANY MAY RECEIVE ADDITIONAL CLARIFICATION AND IMPLEMENTATION GUIDANCE AND AS THE INTERPRETATION OF THE TAX ACT EVOLVES. IN ACCORDANCE WITH SEC STAFF ACCOUNTING BULLETIN NO. 118, THE COMPANY WILL FINALIZE THE ACCOUNTING FOR THE EFFECTS OF THE TAX ACT NO LATER THAN THE FOURTH QUARTER OF 2018. FUTURE ADJUSTMENTS MADE TO THE PROVISIONAL EFFECTS WILL BE REPORTED AS A COMPONENT OF INCOME TAX EXPENSE IN THE REPORTING PERIOD IN WHICH ANY SUCH ADJUSTMENTS ARE DETERMINED. BASED ON THE NEW TAX LAW THAT LOWERS CORPORATE TAX RATES, ON DECEMBER 31, 2017, THE COMPANY REVALUED ITS DEFERRED TAX ASSETS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">STOCK-BASED COMPENSATION <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY FOLLOWS ASC 718, COMPENSATION - STOCK COMPENSATION, WHICH ADDRESSES THE ACCOUNTING FOR STOCK-BASED PAYMENT TRANSACTIONS, REQUIRING SUCH TRANSACTIONS TO BE ACCOUNTED FOR USING THE FAIR VALUE METHOD. AWARDS OF SHARES FOR PROPERTY OR SERVICES ARE RECORDED AT THE MORE READILY MEASURABLE OF THE FAIR VALUE OF THE STOCK AND THE FAIR VALUE OF THE SERVICE. THE COMPANY USES THE BLACK-SCHOLES OPTION-PRICING MODEL TO DETERMINE THE GRANT DATE FAIR VALUE OF STOCK-BASED AWARDS UNDER ASC 718. THE FAIR VALUE IS CHARGED TO EARNINGS DEPENDING ON THE TERMS AND CONDITIONS OF THE AWARD, AND THE NATURE OF THE RELATIONSHIP OF THE RECIPIENT OF THE AWARD TO THE COMPANY. THE COMPANY RECORDS THE GRANT DATE FAIR VALUE IN LINE WITH THE PERIOD OVER WHICH IT WAS EARNED. FOR EMPLOYEES AND MANAGEMENT, THIS IS TYPICALLY CONSIDERED TO BE THE VESTING PERIOD OF THE AWARD. FOR CONSULTANTS THE FAIR VALUE OF THE AWARD IS RECORDED OVER THE TERM OF THE SERVICE PERIOD, AND UNVESTED AMOUNTS ARE REVALUED AT EACH REPORTING PERIOD OVER THE SERVICE PERIOD. THE COMPANY ESTIMATES THE EXPECTED FORFEITURES AND UPDATES THE VALUATION ACCORDINGLY. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">LOSS PER SHARE <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">BASIC NET LOSS PER SHARE IS COMPUTED BY DIVIDING NET LOSS BY THE WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK 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 BASIC NET LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 EXCLUDES POTENTIALLY DILUTIVE SECURITIES. THE COMPUTATIONS OF NET LOSS PER SHARE FOR EACH PERIOD PRESENTED IS THE SAME FOR BOTH BASIC AND FULLY DILUTED. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="7">FOR THE THREE MONTHS ENDED MARCH 31,</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">2018</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">2017</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1129px; text-align: left; font-stretch: normal;">WARRANTS TO PURCHASE SHARES OF COMMON STOCK</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 32px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 157px; text-align: right; font-stretch: normal;">4,095,563</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 31px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 156px; text-align: right; font-stretch: normal;">3,341,572</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;">OPTIONS TO PURCHASE SHARES OF COMMON STOCK</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">1,783,664</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">1,346,996</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 10pt; font-stretch: normal;">TOTAL POTENTIALLY DILUTIVE SECURITIES</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">5,879,227</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">4,688,568</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">RECENT ACCOUNTING PRONOUNCEMENTS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">MANAGEMENT DOES NOT BELIEVE THAT ANY RECENTLY ISSUED, BUT NOT YET EFFECTIVE ACCOUNTING PRONOUNCEMENTS, WHEN ADOPTED, WILL HAVE A MATERIAL EFFECT ON THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, OTHER THAN THOSE DISCLOSED BELOW OR IN THE COMPANY’S ANNUAL REPORT ON FORM 10-K FILED WITH THE SEC ON APRIL 2, 2018. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">IN AUGUST 2016 THE FASB ISSUED TOPIC ASU NO. 2016-15 “STATEMENT OF CASH FLOWS (TOPIC 230) – CLASSIFICATION OF CERTAIN CASH RECEIPTS AND CASH PAYMENTS” (“ASU 2016-15”). ASU 2016-15 CLARIFIES DIVERSITY IN PRACTICE IN HOW CERTAIN CASH RECEIPTS AND CASH PAYMENTS ARE PRESENTED AND CLASSIFIED IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-15 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">IN NOVEMBER 2016, THE FASB ISSUED ASU NO. 2016-18, “STATEMENT OF CASH FLOWS (TOPIC 230): RESTRICTED CASH” (“ASU 2016-18”). ASU 2016-18 AMENDS THE CLASSIFICATION AND PRESENTATION OF CHANGES IN RESTRICTED CASH OR RESTRICTED CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-18 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">IN MAY 2014, THE FINANCIAL ACCOUNTING STANDARDS BOARD (“FASB”) ISSUED ACCOUNTING STANDARDS UPDATE “ASU” NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606) WHICH WAS SUBSEQUENTLY AMENDED BY ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, AND ASU 2017-13. THESE ASUS OUTLINE A SINGLE COMPREHENSIVE MODEL FOR ENTITIES TO USE IN ACCOUNTING FOR REVENUE ARISING FROM CONTRACTS WITH CUSTOMERS AND SUPERSEDES MOST CURRENT REVENUE RECOGNITION GUIDANCE, INCLUDING INDUSTRY-SPECIFIC GUIDANCE. THE GUIDANCE INCLUDES A FIVE-STEP FRAMEWORK THAT REQUIRES AN ENTITY TO: (I) IDENTIFY THE CONTRACT(S) WITH A CUSTOMER, (II) IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, (III) DETERMINE THE TRANSACTION PRICE, (IV) ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, AND (V) RECOGNIZE REVENUE WHEN THE ENTITY SATISFIES A PERFORMANCE OBLIGATION. IN JULY 2015, THE FASB DEFERRED THE EFFECTIVE DATE OF ASU 2014-09 TO ANNUAL REPORTING PERIODS BEGINNING AFTER DECEMBER 15, 2017. A FULL RETROSPECTIVE OR MODIFIED RETROSPECTIVE APPROACH IS REQUIRED. THE COMPANY HAS ADOPTED ASU NO. 2014-09 EFFECTIVE JANUARY 1, 2018. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY HAS ELECTED TO APPLY THE MODIFIED RETROSPECTIVE METHOD AND THE IMPACT WAS DETERMINED TO BE IMMATERIAL ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. ACCORDINGLY, THE NEW REVENUE STANDARD HAS BEEN APPLIED PROSPECTIVELY IN THE COMPANY’S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FROM JANUARY 1, 2018 FORWARD AND REPORTED FINANCIAL INFORMATION FOR HISTORICAL COMPARABLE PERIODS WILL NOT BE REVISED AND WILL CONTINUE TO BE REPORTED UNDER THE ACCOUNTING STANDARDS IN EFFECT DURING THOSE HISTORICAL PERIODS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY PERFORMED AN ANALYSIS AND DETERMINED THAT ITS REVENUES ARE NOT WITHIN THE SCOPE OF ASC 606, AND AS SUCH, THE COMPANY DETERMINED THAT ITS METHODS OF RECOGNIZING REVENUES HAVE NOT BEEN IMPACTED BY THE NEW GUIDANCE. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY’S MINING PROPERTIES ACQUIRED ON AUGUST 18, 2014 THAT THE COMPANY RETAINS AS OF MARCH 31, 2018, INCLUDE: 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 PROJECT 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY’S MINING PROPERTIES ACQUIRED ON SEPTEMBER 16, 2015 THAT THE COMPANY RETAINS AS OF MARCH 31, 2018, INCLUDE HANSEN, NORTH HANSEN, HIGH PARK, HANSEN PICNIC TREE, AND TAYLOR RANCH, LOCATED IN FREMONT AND TELLER COUNTIES, COLORADO. THE COMPANY ALSO ACQUIRED THE KEOTA PROJECT LOCATED IN WELD COUNTY, WYOMING AND FERRIS HAGGERTY 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ON SEPTEMBER 16, 2015, IN CONNECTION WITH THE COMPANY’S ACQUISITION OF BLACK RANGE, THE COMPANY ASSUMED AN OPTION AND EXPLORATION AGREEMENT (THE “OPTION AND EXPLORATION AGREEMENT”) WITH STB MINERALS, LLC, A COLORADO LIMITED LIABILITY COMPANY (“STB”). THE OPTION AND EXPLORATION AGREEMENT GIVES THE COMPANY THE RIGHT TO PURCHASE 51% OF THE MINERAL RIGHTS OF SPECIFIC AREAS OF THE HANSEN AND PICNIC TREE DEPOSITS (FOR WHICH THE COMPANY ALREADY HOLDS 49% OF THE RIGHTS). IF THE COMPANY WERE TO EXERCISE ITS OPTION UNDER THE OPTION AND EXPLORATION AGREEMENT, IT WOULD REQUIRE THE COMPANY TO (A) MAKE A CASH PAYMENT OF $2,500,000 IMMEDIATELY UPON EXERCISE; (B) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 IMMEDIATELY UPON EXERCISE; AND (C) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 ON THE DATE THAT IS 180 DAYS FOLLOWING EXERCISE. THE OPTION AND EXPLORATION AGREEMENT WAS SCHEDULED TO EXPIRE BY ITS TERMS ON JULY 28, 2017 IF NOT EXERCISED.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE OPTION AND EXPLORATION AGREEMENT PROVIDED AN EXTENSION FOR AN “EVENT OF FORCE MAJEURE”.  UNDER THIS CLAUSE, THE COMPANY WOULD RECEIVE AN EXTENSION OF THE PERIOD DURING WHICH IT COULD EXERCISE ITS OPTION IF IT EXPERIENCES AN UNREASONABLE DELAY OUTSIDE ITS CONTROL THAT PREVENTS IT FROM EXERCISING THE OPTION.  ON MAY 10, 2017, THE COMPANY PROVIDED TO STB A NOTICE THAT IT WAS EXERCISING THE FORCE MAJEURE CLAUSE DUE TO THE DELAY BY GOVERNMENT REGULATORS IN LICENSING THE COMPANY’S ABLATION TECHNOLOGY AND PERMITTING MINING AT THE HANSEN PROPERTY. STB HAS CONTESTED THE COMPANY’S FINDING THAT AN EVENT OF FORCE MAJEURE HAS OCCURRED. ONGOING NEGOTIATIONS CONTINUED UNTIL SEPTEMBER 21, 2017 WHEN THE COMPANY AND STB AGREED TO SETTLE THE MATTER THROUGH THE PRE-ESTABLISHED ARBITRATION MECHANISM. PRIOR TO THE COMMENCEMENT OF ARBITRATION, A SETTLEMENT WAS AGREED TO ON FEBRUARY 28, 2018 THROUGH THE EXECUTION OF AN AMENDMENT OF OPTION AND EXPLORATION AGREEMENT. AS CONSIDERATION, THE COMPANY PAID STB A $20,000 EXTENSION PAYMENT AND GRANTED STB THE RIGHT TO SEEK A BONA FIDE WRITTEN OFFER OVER THE REMAINING TERM, AND AGREED TO THE REMOVAL OF THE FORCE MAJEURE CLAUSE FROM THE AGREEMENT. THE COMPANY RECEIVED AN EXTENSION UNTIL JULY 28, 2019 AND A RIGHT OF FIRST REFUSAL TO MATCH ANY BONA FIDE WRITTEN OFFER. HENCE THE COMPANY ALREADY CONTROLS 49% OF THE RESOURCE PROPERTY AND RETAINS AN OPTION TO PURCHASE THE 51% OF THE RESOURCE PROPERTY THAT THE COMPANY DOES NOT ALREADY CONTROL FOR THE DURATION OF THE AGREEMENT. FURTHER THE COMPANY BELIEVES THE EXECUTION OF THIS AGREEMENT IS WITHOUT FINANCIAL IMPLICATIONS, AND AS SUCH, THE COMPANY HAS NOT MADE ANY ADJUSTMENT TO THESE CONDENSED CONSOLIDATED FINANCIALS RELATED TO THIS MATTER. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A PRIOR OWNER OF THE VAN 4 MINE HAD BEEN GRANTED A FIRST TEMPORARY CESSATION FROM RECLAMATION OF THE MINE BY THE COLORADO MINED LAND RECLAMATION BOARD (“MLRB”) WHICH WAS SET TO EXPIRE JUNE 23, 2017. PRIOR TO ITS EXPIRATION, PRM FORMALLY REQUESTED AN EXTENSION THROUGH A SECOND TEMPORARY CESSATION. PRM SUBSEQUENTLY, PARTICIPATED IN A PUBLIC PROCESS WHICH CULMINATED IN A HEARING ON JULY 26, 2017. PRIOR TO THE HEARING, THREE NON-PROFIT ORGANIZATIONS WHO PURSUE ENVIRONMENTAL AND CONSERVATION OBJECTIVES FILED A BRIEF OBJECTING TO THE EXTENSION. THE MLRB BOARD MEMBERS VOTED TO GRANT A SECOND FIVE-YEAR TEMPORARY CESSATION FOR THE VAN 4 MINE. THEREAFTER THE THREE OBJECTING PARTIES FILED A LAWSUIT ON SEPTEMBER 18, 2017. THE MLRB WAS NAMED AS THE DEFENDANT AND PRM WAS NAMED AS A PARTY TO THE CASE DUE TO THE COLORADO LAW REQUIREMENT THAT ANY LAWSUIT FILED AFTER A HEARING INCLUDE ALL OF THE PARTIES TO THE PROCEEDING. THE PLAINTIFF ORGANIZATIONS WERE SEEKING FOR THE COURT TO SET ASIDE THE BOARD ORDER GRANTING A SECOND FIVE-YEAR TEMPORARY CESSATION PERIOD TO PRM FOR THE VAN 4 MINE. THE COLORADO STATE ATTORNEY GENERAL WAS DEFENDING THIS ACTION IN THE DENVER COLORADO DISTRICT COURT. ON MAY 8, 2018, THE DENVER COLORADO DISTRICT COURT RULED IN FAVOR OF PRM, WHEREBY THE ADDITIONAL FIVE-YEAR TEMPORARY CESSATION PERIOD WAS GRANTED. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY’S MINERAL PROPERTIES AND ABLATION INTELLECTUAL PROPERTY ARE: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">AS OF</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">MARCH 31, 2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">DECEMBER 31, 2017</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1177.67px; text-align: left; text-indent: -10pt; padding-left: 10pt;">MINERAL PROPERTIES</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">11,645,218</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">11,645,218</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">ABLATION INTELLECTUAL PROPERTY</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">9,488,051</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">9,488,051</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">OIL AND GAS LEASE AND EASEMENT <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ON JULY 18, 2017, AN OIL AND GAS LEASE BECAME EFFECTIVE WITH RESPECT TO MINERALS AND MINERAL RIGHTS OWNED BY OF THE COMPANY OF APPROXIMATELY 160 SURFACE ACRES OF THE COMPANY’S PROPERTY IN COLORADO. AS CONSIDERATION FOR ENTERING INTO THE LEASE, THE COMPANY RECEIVED $120,000 DURING THE THIRD QUARTER OF 2017. THE LEASE WILL BE IN FORCE FOR AN INITIAL TERM OF THREE YEARS AND MAY BE EXTENDED BY THE LESSEE AT 150% OF THE INITIAL RATE. THE LESSEE HAS ALSO AGREED TO PAY THE COMPANY A ROYALTY OF 18.75% OF THE LESSEE’S REVENUE ATTRIBUTED TO OIL AND GAS PRODUCED, SAVED, AND SOLD ATTRIBUTABLE TO THE NET MINERAL INTEREST. THE COMPANY IS RECOGNIZING THE INITIAL PAYMENT INCREMENTALLY OVER THE TERM OF THE LEASE. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ON FEBRUARY 26, 2018, THE COMPANY ENTERED INTO A FURTHER AGREEMENT WITH THE SAME ENTITY AS THE OIL AND GAS LEASE TO PROVIDE THEM WITH AN EASEMENT TO AN ADDITIONAL PART OF THE COMPANY’S PROPERTY SOLELY FOR THE PURPOSES OF TRANSPORTING THE OIL AND GAS EXTRACTED VIA A PIPELINE. AS CONSIDERATION FOR THE EASEMENT, THE COMPANY RECEIVED $36,960 DURING THE FIRST QUARTER OF 2018. THE COMPANY IS RECOGNIZING THIS PAYMENT INCREMENTALLY OVER THE EIGHT YEAR TERM OF THE EASEMENT. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE COMPANY RECOGNIZED AGGREGATE REVENUE OF $11,155 AND $0, RESPECTIVELY UNDER THESE OIL AND GAS LEASE ARRANGEMENTS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">RECLAMATION LIABILITIES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, TO BE APPROXIMATELY $820,434 AND $820,434, RESPECTIVELY. DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE ACCRETION OF THE RECLAMATION LIABILITIES WAS $2,575 AND $1,528, RESPECTIVELY. THE COMPANY EXPECTS TO BEGIN INCURRING THE RECLAMATION LIABILITY AFTER 2054 AND ACCORDINGLY, HAS DISCOUNTED THE GROSS LIABILITIES OVER THEIR REMAINING LIVES USING A DISCOUNT RATE OF 5.4% TO NET DISCOUNTED AGGREGATED VALUES AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 OF $199,396 AND $196,821, RESPECTIVELY. THE GROSS RECLAMATION LIABILITIES AS OF MARCH 31, 2018 ARE SECURED BY CERTIFICATES OF DEPOSIT IN THE AMOUNT OF $820,434. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ON APRIL 11, 2018, THE COMPANY RECEIVED NOTICE FROM THE COLORADO DIVISION OF RECLAMATION, MINING AND SAFETY (“CDRMS”) IN REGARDS TO ITS RECLAMATION LIABILITY. CDRMS HAS RECALCULATED THE COMPANY’S ESTIMATED FUTURE RECLAMATION LIABILITY, WHICH WOULD REQUIRE THE COMPANY TO INCREASE ITS CERTIFICATES OF DEPOSIT THAT SECURE ITS RECLAMATION LIABILITY BY $68,517. THE COMPANY HAS UNTIL JUNE 8, 2018 TO COMPLY WITH OR APPEAL THE DETERMINATION. THE COMPANY IS CURRENTLY EVALUATING THE NOTICE AND DETERMINING ITS POSITION. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">RECLAMATION LIABILITY ACTIVITY FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 CONSISTS OF: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">FOR THE THREE MONTHS ENDED MARCH 31,</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: justify;">BEGINNING BALANCE</td> <td style="width: 16px; font-weight: normal;"> </td> <td style="width: 16px; text-align: left; font-weight: normal;">$</td> <td style="width: 142px; text-align: right; font-weight: normal;">196,821</td> <td style="width: 16px; text-align: left; font-weight: normal;"> </td> <td style="width: 15px; font-weight: normal;"> </td> <td style="width: 15px; text-align: left; font-weight: normal;">$</td> <td style="width: 141px; text-align: right; font-weight: normal;">403,639</td> <td style="width: 15px; text-align: left; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: justify; padding-bottom: 1.5pt;">ACCRETION</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,575</td> <td style="text-align: left; padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,528</td> <td style="text-align: left; padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">ENDING BALANCE</td> <td style="padding-bottom: 4pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">199,396</td> <td style="text-align: left; padding-bottom: 4pt; font-weight: normal;"> </td> <td style="padding-bottom: 4pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">405,167</td> <td style="text-align: left; padding-bottom: 4pt; font-weight: normal;"> </td> </tr> </table> </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 8 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">AUTHORIZED CAPITAL <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE HOLDERS OF THE COMPANY’S COMMON STOCK ARE ENTITLED TO ONE VOTE PER SHARE. HOLDERS OF COMMON STOCK ARE ENTITLED TO RECEIVE RATABLY SUCH DIVIDENDS, IF ANY, AS MAY BE DECLARED BY THE BOARD OF DIRECTORS OUT OF LEGALLY AVAILABLE FUNDS. UPON THE LIQUIDATION, DISSOLUTION, OR WINDING UP OF THE COMPANY, HOLDERS OF COMMON STOCK ARE ENTITLED TO SHARE RATEABLY IN ALL ASSETS OF THE COMPANY THAT ARE LEGALLY AVAILABLE FOR DISTRIBUTION. AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, AN UNLIMITED NUMBER OF COMMON SHARES WERE AUTHORIZED FOR ISSUANCE. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">PRIVATE PLACEMENT <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: small-caps;">ON MAY 4, 2018, THE COMPANY COMPLETED A PRIVATE PLACEMENT OF 909,622 UNITS AT A PRICE OF CAD $0.68 (USD $0.53) PER UNIT FOR GROSS PROCEEDS OF CAD $618,543 (USD $481,560). EACH UNIT CONSISTED OF ONE SHARE OF COMMON STOCK AND A WARRANT TO PURCHASE ONE-HALF OF ONE SHARE OF COMMON STOCK. EACH WARRANT IS IMMEDIATELY EXERCISABLE AT A PRICE OF CAD $1.15 AND EXPIRES TWO YEARS FROM THE DATE OF ISSUANCE. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">INCENTIVE STOCK OPTION PLAN <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY MAINTAINS AN INCENTIVE STOCK OPTION PLAN (THE “PLAN”) THAT PERMITS THE GRANTING OF STOCK OPTIONS AS INCENTIVE COMPENSATION. SHAREHOLDERS OF THE COMPANY APPROVED THE PLAN ON JUNE 30, 2008 AND AMENDMENTS TO THE PLAN ON JUNE 20, 2013, AND THE BOARD OF DIRECTORS APPROVED ADDITIONAL CHANGES TO THE PLAN ON SEPTEMBER 12, 2015. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 MARCH 31, 2018, A TOTAL OF 20,510,500 COMMON SHARES WERE OUTSTANDING, AND AT THAT DATE THE MAXIMUM NUMBER OF STOCK OPTIONS ELIGIBLE FOR ISSUE UNDER THE PLAN WAS 2,051,050. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ON FEBRUARY 8, 2018, THE COMPANY GRANTED OPTIONS UNDER THE PLAN FOR THE PURCHASE OF AN AGGREGATE OF 100,000 SHARES OF COMMON STOCK TO A DIRECTOR. THE OPTIONS HAVE AN EXERCISE PRICE OF CAD $1.00 (US $0.78 AS OF MARCH 31, 2018) AND VEST ONE HALF ON THE DATE OF GRANT AND ONE HALF ON DECEMBER 31, 2018. ONE HALF OF THE OPTIONS EXPIRE ON JANUARY 31, 2023 AND THE REMAINING OPTIONS EXPIRE ON DECEMBER 31, 2023. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">STOCK OPTIONS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">NUMBER OF SHARES</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">WEIGHTED AVERAGE EXERCISE PRICE</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">WEIGHTED AVERAGE GRANT DATE FAIR VALUE</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;" colspan="3">INTRINSIC VALUE</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 471px; font-stretch: normal;">OUTSTANDING - JANUARY 1, 2018</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 32px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 157px; text-align: right; font-stretch: normal;">1,846,996</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 32px; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 157px; text-align: right; font-stretch: normal;">1.92</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;"> </td> <td style="width: 32px; font-size: 10pt;"> </td> <td style="width: 16px; text-align: left; font-size: 10pt;"> </td> <td style="width: 157px; text-align: right; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; font-size: 10pt;"> </td> <td style="width: 31px; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; font-size: 10pt;"> </td> <td style="width: 156px; text-align: right; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; font-size: 10pt;"> </td> <td style="width: 31px; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; font-size: 10pt;"> </td> <td style="width: 156px; text-align: right; font-size: 10pt;"> </td> <td style="width: 15px; text-align: left; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">GRANTED</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">100,000</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">0.78</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">EXPIRED, FORFEITED, OR CANCELLED</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">(163,332</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">)</td> <td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; font-stretch: normal;">4.56</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; font-stretch: normal;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;">EXERCISED</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">—  </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">—  </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;">OUTSTANDING - MARCH 31, 2018</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">1,783,664</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">1.77</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">3.85</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">0.40</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-stretch: normal;">—  </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1pt; font-stretch: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;">EXERCISABLE - MARCH 31, 2018</td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">1,733,664</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">1.80</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">3.80</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">0.41</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 2.5pt; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">$</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-stretch: normal;">—  </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 2.5pt; font-stretch: normal;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY’S STOCK BASED COMPENSATION EXPENSE RELATED TO STOCK OPTIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 WAS $69,832 AND $133,282, RESPECTIVELY. AS OF MARCH 31, 2018, THE COMPANY HAD $2,572 IN UNAMORTIZED STOCK OPTION EXPENSE, WHICH WILL BE AMORTIZED OVER A PERIOD OF 0.75 YEARS. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY UTILIZED THE BLACK-SCHOLES OPTION PRICING MODEL TO DETERMINE THE FAIR VALUE OF THESE STOCK OPTIONS, USING THE ASSUMPTIONS AS OUTLINED BELOW. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">FEBRUARY 8, 2018</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>STOCK PRICE</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">CAD $0.52</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>EXERCISE PRICE</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">CAD $1.00</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1367px; text-align: left; text-indent: -9pt; padding-left: 9pt;">NUMBER OF OPTIONS GRANTED</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 141px; text-align: right;">100,000</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">DIVIDEND YIELD</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">EXPECTED VOLATILITY</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">49</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>WEIGHTED AVERAGE RISK-FREE INTEREST RATE</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.64</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">EXPECTED LIFE (IN YEARS)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.50 - 3.00</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">WARRANTS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">NUMBER OF SHARES</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">WEIGHTED AVERAGE EXERCISE PRICE</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">INTRINSIC VALUE</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; padding-bottom: 1.5pt;">OUTSTANDING, JANUARY 1, 2018</td> <td style="width: 16px; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,095,563</td> <td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; padding-bottom: 1.5pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.27</td> <td style="width: 16px; text-align: left; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">    </td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; padding-bottom: 1.5pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">    </td> <td style="width: 15px; text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1.5pt;">OUTSTANDING - MARCH 31, 2018</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,095,563</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2.27</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3.56</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">EXERCISABLE - MARCH 31, 2018</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,095,563</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2.27</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3.56</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">INCOME TAXES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT MAKES JUDGMENTS AS TO THE INTERPRETATION OF THE TAX LAWS THAT MIGHT BE CHALLENGED UPON 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 GREATER 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 MARCH 31, 2018 AND 2017, NO LIABILITY FOR UNRECOGNIZED TAX BENEFITS WAS REQUIRED TO BE REPORTED. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 THREE MONTHS ENDED MARCH 31, 2018 AND 2017. 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. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE COMPANY HAS IDENTIFIED ITS FEDERAL TAX RETURN AND ITS STATE TAX RETURNS IN COLORADO AND UTAH AS ITS “MAJOR” TAX JURISDICTIONS, AND SUCH RETURNS FOR THE YEARS 2014 THROUGH 2017 REMAIN SUBJECT TO EXAMINATION. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">THE TAX CUTS AND JOBS ACT (THE “TAX ACT”) WAS ENACTED ON DECEMBER 22, 2017. THE TAX ACT REDUCED THE U.S. FEDERAL CORPORATE TAX RATE FROM 35% TO 21%. AS OF DECEMBER 31, 2017, THE COMPANY HAD MADE A REASONABLE ESTIMATE OF THE EFFECTS OF THE TAX ACT. THIS ESTIMATE INCORPORATES ASSUMPTIONS MADE BASED UPON THE COMPANY’S CURRENT INTERPRETATION OF THE TAX ACT, AND MAY CHANGE AS THE COMPANY MAY RECEIVE ADDITIONAL CLARIFICATION AND IMPLEMENTATION GUIDANCE AND AS THE INTERPRETATION OF THE TAX ACT EVOLVES. IN ACCORDANCE WITH SEC STAFF ACCOUNTING BULLETIN NO. 118, THE COMPANY WILL FINALIZE THE ACCOUNTING FOR THE EFFECTS OF THE TAX ACT NO LATER THAN THE FOURTH QUARTER OF 2018. FUTURE ADJUSTMENTS MADE TO THE PROVISIONAL EFFECTS WILL BE REPORTED AS A COMPONENT OF INCOME TAX EXPENSE IN THE REPORTING PERIOD IN WHICH ANY SUCH ADJUSTMENTS ARE DETERMINED. BASED ON THE NEW TAX LAW THAT LOWERS CORPORATE TAX RATES, ON DECEMBER 31, 2017, THE COMPANY REVALUED ITS DEFERRED TAX ASSETS. </div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding: 0px; text-indent: 0px;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">QUOTED PRICES FOR SIMILAR ASSETS OR LIABILITIES IN ACTIVE MARKETS (LEVEL 2)</td> <td style="padding-bottom: 1.5pt;"> </td> <td style="padding-bottom: 1.5pt;"> </td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)</td> <td style="padding-bottom: 1.5pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0px; width: 1003px; text-indent: 0px;">MARKETABLE SECURITIES AS OF MARCH 31, 2018</td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,104</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">    -</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">      -</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0px; text-indent: 0px;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0px; text-indent: 0px;">MARKETABLE SECURITIES AS OF DECEMBER 31, 2017</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,123</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> </div>

<div> <p style="font: small-caps 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: uppercase; text-indent: 0in; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: uppercase; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">AS OF</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">MARCH 31, 2018</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: center; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">DECEMBER 31, 2017</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: justify;">TRADE ACCOUNTS PAYABLE</td> <td style="width: 16px; font-weight: normal;"> </td> <td style="width: 16px; text-align: left; font-weight: normal;">$</td> <td style="width: 142px; text-align: right; font-weight: normal;">460,459</td> <td style="width: 16px; text-align: left; font-weight: normal;"> </td> <td style="width: 15px; font-weight: normal;"> </td> <td style="width: 15px; text-align: left; font-weight: normal;">$</td> <td style="width: 141px; text-align: right; font-weight: normal;">453,618</td> <td style="width: 15px; text-align: left; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: justify; padding-bottom: 1.5pt;">ACCRUED LIABILITIES</td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">155,849</td> <td style="text-align: left; padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="padding-bottom: 1.5pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">148,398</td> <td style="text-align: left; padding-bottom: 1.5pt; font-weight: normal;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">616,308</td> <td style="text-align: left; padding-bottom: 4pt; font-weight: normal;"> </td> <td style="padding-bottom: 4pt; font-weight: normal;"> </td> <td style="text-align: left; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-weight: normal; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">602,016</td> <td style="text-align: left; padding-bottom: 4pt; font-weight: normal;"> </td> </tr> </table> </div>

1.00

857006

909622

60832

481560

618543

32205

41366

0.68

0.53

1.15

P2Y

4688568

3341572

1346996

5879227

4095563

1783664

0.21

0.35

Greater than 50 percent.

403639

405167

196821

199396

1528 2575

820434

1528

2575

The Company expects to begin incurring the reclamation liability after 2054. 0.054 196821 199396

820434

The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights). If the Company were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise; (b) issue shares of common stock to STB amounting to a value of $3,750,000 immediately upon exercise; and (c) issue shares of common stock to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise. The Option and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.

160

P3Y0M0D

P8Y

36960

Hence the Company already controls 49% of the resource property and retains an option to purchase the 51% of the resource property that the Company does not already own for the duration of the agreement.

The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee's revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.

The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate.

20000

120000

11155

68517

453618

460459

148398

155849

500000

73971

12550

7726

487450

492274

5861

7479

20324 4824 1528 2575

726

275

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500000

0.030

0.04

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2015-08-18

2018-12-31

15000

Pursuant to the agreement, if a change of control occurs wherein the consideration in such change of control is more than USD $2.00 per share, the Company is required to pay a lump sum in the amount of two and one-half times the entity's annual fee to this entity.

1846996

4095563

1783664

4095563

100000

163332

1783664

4095563

1.92

2.27

1.77

2.27

0.78

4.56

1.80

2.27

P3Y10M6D

P3Y6M21D

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0.52

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0.00

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P3Y0M0D

P2Y6M0D

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11867

3600

The agreement has a monthly fee of $15,000. Pursuant to the consulting agreement, if the Company completes a merger with a third party introduced by this director whereby more than 50% of the Company's then outstanding shares are transferred to that third party, the Company is required to pay a lump sum in an amount of $350,000 to this entity. On January 29, 2018, the Company provided the requisite 90-day notification to terminate the consulting agreement, effective April 30, 2018, upon which date the agreement was terminated. On May 1, 2018, upon termination of the agreement, this director resigned as executive chairman.

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 14, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Western Uranium Corp
Entity Central Index Key	0001621906
Amendment Flag	false
Trading Symbol	WUC
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		21,480,954

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Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash	$ 119,758	$ 427,020
Prepaid expenses	141,131	190,435
Marketable securities	3,104	3,123
Other current assets	71,778	64,763
Total current assets	335,771	685,341
Restricted cash	820,434	820,434
Mineral properties	11,645,218	11,645,218
Ablation intellectual property	9,488,051	9,488,051
Total assets	22,289,474	22,639,044
Current liabilities:
Accounts payable and accrued liabilities	616,308	602,016
Subscription payable	39,575
Current portion of notes payable	492,274	487,450
Deferred revenue, current portion	44,620	40,000
Total current liabilities	1,192,777	1,129,466
Reclamation liability	199,396	196,821
Deferred tax liability	2,708,887	2,708,887
Deferred contingent consideration	384,290	390,350
Deferred revenue, net of current portion	81,185	60,000
Total liabilities	4,566,535	4,485,524
Commitments
Shareholders' Equity
Common stock, no par value, unlimited authorized shares, 20,510,806 and 20,510,806 shares issued as of March 31, 2018 and December 31, 2017, respectively and 20,510,500 and 20,510,500 shares outstanding as of March 31, 2018 and December 31, 2017, respectively	22,727,361	22,657,529
Treasury shares, 306 and 306 shares held in treasury as of March 31, 2018 and December 31, 2017, respectively
Accumulated deficit	(5,038,007)	(4,540,143)
Accumulated other comprehensive income	33,585	36,134
Total shareholders' equity	18,153,520	17,722,939
Total liabilities and shareholders' equity	$ 22,289,474	$ 22,639,044

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	20,510,806	20,510,806
Common stock, shares outstanding	20,510,500	20,510,500
Treasury shares held in treasury	306	306

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Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Lease revenue	$ 11,155
Expenses
Mining expenditures	49,055	40,618
Professional fees	179,226	225,494
General and administrative	224,919	226,187
Consulting fees	41,214	84,763
Unrealized foreign exchange gain
Total operating expenses	494,414	577,062
Operating loss	(483,259)	(577,062)
Interest expense, net	14,605	28,164
Net loss	(497,864)	(605,226)
Other comprehensive (loss) gain
Foreign exchange (loss) gain	(2,549)	7,564
Comprehensive loss	$ (500,413)	$ (597,662)
Loss per share - basic and diluted	$ (0.02)	$ (0.03)
Weighted average shares outstanding, basic and diluted	20,510,500	18,928,210

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Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Shares	Treasury Shares	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance at Mar. 31, 2018	$ 18,153,520	$ 22,657,529		$ (4,540,143)	$ 36,134
Beginning balance, shares at Dec. 31, 2017		20,510,500	306
Stock based compensation - stock options	69,832	$ 69,832
Foreign exchange gain	(2,549)				(2,549)
Net loss	(497,864)			(497,864)
Ending balance at Dec. 31, 2017	$ 17,722,939	$ 22,727,361		$ (5,038,007)	$ 33,585
Ending balance, shares at Mar. 31, 2018		20,510,500	306

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows From Operating Activities:
Net loss	$ (497,864)	$ (605,226)
Reconciliation of net loss to cash used in operating activities:
Accretion of reclamation liability	2,575	1,528
Amortization of debt discount on notes payable	4,824	7,073
Stock based compensation	69,832	133,282
Change in foreign exchange on marketable securities	19	(30)
Change in operating assets and liabilities:
Prepaid expenses and other current assets	42,289	(111,362)
Accounts payable and accrued liabilities, net of shares issued for accounts payable	14,292	(7,648)
Deferred revenue	25,805
Net cash used in operating activities	(338,228)	(582,383)
Cash Flows From Financing Activities:
Payment of Nueco Note		(185,564)
Issuance of Common shares, net of offering costs		814,078
Receipt of subscription receivable		28,429
Receipt of subscription payable	39,575
Net cash provided by financing activities	39,575	656,943
Effect of foreign exchange rate on cash	(8,609)	7,564
Net (decrease) increase in cash	(307,262)	82,124
Cash - beginning	427,020	791,814
Cash - ending	119,758	873,938
Cash paid during the period for:
Interest
Income taxes
Non-cash financing activities:
Shares issued for accounts payable and accrued expenses		$ 83,338

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Business	3 Months Ended
Business	Mar. 31, 2018
Business [Abstract]
BUSINESS	NOTE 1 – BUSINESS *Nature of operations* Western Uranium Corporation (“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. Effective September 16, 2015, Western completed its acquisition of Black Range Minerals Limited (“Black Range”). The Company has registered offices 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 shares of common stock began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s common stock was approved for the commencement of trading on the OTCQX Best Market. Its principal business activity is the acquisition and development of uranium resource properties in the states of Utah and Colorado in the United States of America (“United States”). On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. Thereafter, the Company was approved for Depository Trust Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement and depository services for shares in the United States.

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Liquidity and Going Concern	3 Months Ended
Liquidity and Going Concern	Mar. 31, 2018
Liquidity and Going Concern [Abstract]
LIQUIDITY AND GOING CONCERN	NOTE 2 – LIQUIDITY AND GOING CONCERN The Company has incurred continuing losses from its operations and as of March 31, 2018 the Company had an accumulated deficit of $5,038,007 and a working capital deficiency of $857,006. Since inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its shares of common stock. The Company’s ability to continue its 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 financings, to secure regulatory approval to fully utilize its ablation 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 and required debt service. 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 financial statements. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. On May 4, 2018, the Company completed a private placement of 909,622 units at a price of CAD $0.68 (USD $0.53) per unit for gross proceeds of CAD $618,543 (USD $481,560). Each unit consisted of one share of common stock and a warrant to purchase one-half of one share of common stock. Each warrant is immediately exercisable at a price of CAD $1.15 and expires two years from the date of issuance.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

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

THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR INTERIM FINANCIAL INFORMATION AND WITH THE INSTRUCTIONS TO FORM 10–Q AND RULE 10 OF REGULATION S–X. ACCORDINGLY, THEY DO NOT INCLUDE ALL OF THE INFORMATION AND NOTES REQUIRED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. HOWEVER, IN THE OPINION OF THE MANAGEMENT OF THE COMPANY, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE FINANCIAL POSITION AND OPERATING RESULTS HAVE BEEN INCLUDED IN THESE STATEMENTS. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED IN THE COMPANY’S ANNUAL REPORT ON FORM 10–K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017, AS FILED WITH THE SEC ON APRIL 2, 2018. OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018 ARE NOT NECESSARILY INDICATIVE OF THE RESULTS THAT MAY BE EXPECTED FOR ANY SUBSEQUENT QUARTERS OR FOR THE YEAR ENDING DECEMBER 31, 2018.

THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE ACCOUNTS OF WESTERN AND ITS WHOLLY-OWNED SUBSIDIARIES, WESTERN URANIUM CORPORATION (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. AND BLACK RANGE DEVELOPMENT UTAH LLC. ALL SIGNIFICANT 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”) UNDER INDUSTRY GUIDE 7, THROUGH THE COMPLETION OF A “FINAL” OR “BANKABLE” FEASIBILITY STUDY FOR ANY OF ITS URANIUM PROJECTS.

USE OF ESTIMATES

THE PREPARATION OF THESE CONDENSED 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 FINANCIAL STATEMENTS OF CHANGES IN SUCH ESTIMATES IN FUTURE PERIODS COULD BE SIGNIFICANT. SIGNIFICANT AREAS REQUIRING MANAGEMENT’S ESTIMATES AND ASSUMPTIONS INCLUDE DETERMINING THE FAIR VALUE OF TRANSACTIONS INVOLVING COMMON STOCK, ASSESSMENT OF THE USEFUL LIFE AND EVALUATION FOR IMPAIRMENT OF INTANGIBLE ASSETS, VALUATION AND IMPAIRMENT ASSESSMENTS ON MINERAL PROPERTIES, DEFERRED CONTINGENT CONSIDERATION, AND THE RECLAMATION LIABILITY, VALUATION OF STOCK-BASED COMPENSATION, VALUATION OF AVAILABLE-FOR-SALE SECURITIES AND VALUATION OF LONG-TERM DEBT. 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 CORPORATION (ONTARIO)) IS THE CANADIAN DOLLAR. MONETARY ASSETS AND LIABILITIES OF THESE SUBSIDIARIES ARE TRANSLATED AT THE EXCHANGE RATES AT THE BALANCE SHEET DATE. 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.

REVENUE RECOGNITION

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 ASC 840 “LEASES”. LEASE PAYMENTS RECEIVED IN ADVANCE ARE DEFERRED AND RECOGNIZED ON A STRAIGHT – LINE BASIS OVER THE RELATED LEASE TERM ASSOCIATED WITH THE PREPAYMENT. ROYALTY PAYMENTS ARE RECOGNIZED AS REVENUES WHEN RECEIVED.

FAIR VALUES OF FINANCIAL INSTRUMENTS

THE CARRYING AMOUNTS OF CASH AND CASH EQUIVALENTS, RESTRICTED CASH, ACCOUNTS PAYABLE, ACCRUED LIABILITIES, AND NOTES PAYABLE 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 RECLAMATION DEPOSITS, WHICH ARE REFLECTED IN RESTRICTED CASH ON THE CONSOLIDATED BALANCE SHEETS, ARE DEPOSITS MAINLY INVESTED IN CERTIFICATES OF DEPOSIT AT MAJOR FINANCIAL INSTITUTIONS AND THEIR FAIR VALUES WERE ESTIMATED TO APPROXIMATE THEIR CARRYING VALUES. THE COMPANY’S OPERATIONS AND FINANCING ACTIVITIES ARE CONDUCTED PRIMARILY IN UNITED STATES DOLLARS AND AS A RESULT, THE COMPANY IS NOT SUBJECT TO SIGNIFICANT EXPOSURE TO MARKET RISKS FROM CHANGES IN FOREIGN CURRENCY 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.

ASC 820 “FAIR VALUE MEASUREMENTS AND DISCLOSURES” PROVIDES THE FRAMEWORK FOR MEASURING FAIR VALUE. THAT FRAMEWORK PROVIDES A FAIR VALUE HIERARCHY THAT PRIORITIZES THE INPUTS TO VALUATION TECHNIQUES USED TO MEASURE FAIR VALUE. THE HIERARCHY GIVES THE HIGHEST PRIORITY TO UNADJUSTED QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES (LEVEL 1 MEASUREMENTS) AND THE LOWEST PRIORITY TO UNOBSERVABLE INPUTS (LEVEL 3 MEASUREMENTS).

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.

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 MARCH 31, 2018	$	3,104	$	-	$	-

MARKETABLE SECURITIES AS OF DECEMBER 31, 2017	$	3,123	$	-	$	-

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 THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. MANAGEMENT MAKES JUDGMENTS AS TO THE INTERPRETATION OF THE TAX LAWS THAT MIGHT BE CHALLENGED UPON 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 GREATER 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 MARCH 31, 2018 AND 2017, 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 THREE MONTHS ENDED MARCH 31, 2018 AND 2017. 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 TAX RETURN AND ITS STATE TAX RETURNS IN COLORADO AND UTAH AS ITS “MAJOR” TAX JURISDICTIONS, AND SUCH RETURNS FOR THE YEARS 2014 THROUGH 2017 REMAIN SUBJECT TO EXAMINATION.

THE TAX CUTS AND JOBS ACT (THE “TAX ACT”) WAS ENACTED ON DECEMBER 22, 2017. THE TAX ACT REDUCED THE U.S. FEDERAL CORPORATE TAX RATE FROM 35% TO 21%. AS OF DECEMBER 31, 2017, THE COMPANY HAD MADE A REASONABLE ESTIMATE OF THE EFFECTS OF THE TAX ACT. THIS ESTIMATE INCORPORATES ASSUMPTIONS MADE BASED UPON THE COMPANY’S CURRENT INTERPRETATION OF THE TAX ACT, AND MAY CHANGE AS THE COMPANY MAY RECEIVE ADDITIONAL CLARIFICATION AND IMPLEMENTATION GUIDANCE AND AS THE INTERPRETATION OF THE TAX ACT EVOLVES. IN ACCORDANCE WITH SEC STAFF ACCOUNTING BULLETIN NO. 118, THE COMPANY WILL FINALIZE THE ACCOUNTING FOR THE EFFECTS OF THE TAX ACT NO LATER THAN THE FOURTH QUARTER OF 2018. FUTURE ADJUSTMENTS MADE TO THE PROVISIONAL EFFECTS WILL BE REPORTED AS A COMPONENT OF INCOME TAX EXPENSE IN THE REPORTING PERIOD IN WHICH ANY SUCH ADJUSTMENTS ARE DETERMINED. BASED ON THE NEW TAX LAW THAT LOWERS CORPORATE TAX RATES, ON DECEMBER 31, 2017, THE COMPANY REVALUED ITS DEFERRED TAX ASSETS.

STOCK-BASED COMPENSATION

THE COMPANY FOLLOWS ASC 718, COMPENSATION - STOCK COMPENSATION, WHICH ADDRESSES THE ACCOUNTING FOR STOCK-BASED PAYMENT TRANSACTIONS, REQUIRING SUCH TRANSACTIONS TO BE ACCOUNTED FOR USING THE FAIR VALUE METHOD. AWARDS OF SHARES FOR PROPERTY OR SERVICES ARE RECORDED AT THE MORE READILY MEASURABLE OF THE FAIR VALUE OF THE STOCK AND THE FAIR VALUE OF THE SERVICE. THE COMPANY USES THE BLACK-SCHOLES OPTION-PRICING MODEL TO DETERMINE THE GRANT DATE FAIR VALUE OF STOCK-BASED AWARDS UNDER ASC 718. THE FAIR VALUE IS CHARGED TO EARNINGS DEPENDING ON THE TERMS AND CONDITIONS OF THE AWARD, AND THE NATURE OF THE RELATIONSHIP OF THE RECIPIENT OF THE AWARD TO THE COMPANY. THE COMPANY RECORDS THE GRANT DATE FAIR VALUE IN LINE WITH THE PERIOD OVER WHICH IT WAS EARNED. FOR EMPLOYEES AND MANAGEMENT, THIS IS TYPICALLY CONSIDERED TO BE THE VESTING PERIOD OF THE AWARD. FOR CONSULTANTS THE FAIR VALUE OF THE AWARD IS RECORDED OVER THE TERM OF THE SERVICE PERIOD, AND UNVESTED AMOUNTS ARE REVALUED AT EACH REPORTING PERIOD OVER THE SERVICE PERIOD. THE COMPANY ESTIMATES THE EXPECTED FORFEITURES AND UPDATES THE VALUATION ACCORDINGLY.

LOSS PER SHARE

BASIC NET LOSS PER SHARE IS COMPUTED BY DIVIDING NET LOSS BY THE WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK 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 BASIC NET LOSS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 EXCLUDES POTENTIALLY DILUTIVE SECURITIES. THE COMPUTATIONS OF NET LOSS PER SHARE FOR EACH PERIOD PRESENTED 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 THREE MONTHS ENDED MARCH 31,
	2018		2017
WARRANTS TO PURCHASE SHARES OF COMMON STOCK		4,095,563		3,341,572
OPTIONS TO PURCHASE SHARES OF COMMON STOCK		1,783,664		1,346,996
TOTAL POTENTIALLY DILUTIVE SECURITIES		5,879,227		4,688,568

RECENT ACCOUNTING PRONOUNCEMENTS

MANAGEMENT DOES NOT BELIEVE THAT ANY RECENTLY ISSUED, BUT NOT YET EFFECTIVE ACCOUNTING PRONOUNCEMENTS, WHEN ADOPTED, WILL HAVE A MATERIAL EFFECT ON THE ACCOMPANYING CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, OTHER THAN THOSE DISCLOSED BELOW OR IN THE COMPANY’S ANNUAL REPORT ON FORM 10-K FILED WITH THE SEC ON APRIL 2, 2018.

IN AUGUST 2016 THE FASB ISSUED TOPIC ASU NO. 2016-15 “STATEMENT OF CASH FLOWS (TOPIC 230) – CLASSIFICATION OF CERTAIN CASH RECEIPTS AND CASH PAYMENTS” (“ASU 2016-15”). ASU 2016-15 CLARIFIES DIVERSITY IN PRACTICE IN HOW CERTAIN CASH RECEIPTS AND CASH PAYMENTS ARE PRESENTED AND CLASSIFIED IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-15 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS.

IN NOVEMBER 2016, THE FASB ISSUED ASU NO. 2016-18, “STATEMENT OF CASH FLOWS (TOPIC 230): RESTRICTED CASH” (“ASU 2016-18”). ASU 2016-18 AMENDS THE CLASSIFICATION AND PRESENTATION OF CHANGES IN RESTRICTED CASH OR RESTRICTED CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS. THE COMPANY ADOPTED ASU 2016-18 ON JANUARY 1, 2018 AND IT HAS NOT HAD A MATERIAL IMPACT ON ITS CONDENSED CONSOLIDATED FINANCIAL POSITION AND RESULTS OF OPERATIONS.

IN MAY 2014, THE FINANCIAL ACCOUNTING STANDARDS BOARD (“FASB”) ISSUED ACCOUNTING STANDARDS UPDATE “ASU” NO. 2014-09, REVENUE FROM CONTRACTS WITH CUSTOMERS (TOPIC 606) WHICH WAS SUBSEQUENTLY AMENDED BY ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, AND ASU 2017-13. THESE ASUS OUTLINE A SINGLE COMPREHENSIVE MODEL FOR ENTITIES TO USE IN ACCOUNTING FOR REVENUE ARISING FROM CONTRACTS WITH CUSTOMERS AND SUPERSEDES MOST CURRENT REVENUE RECOGNITION GUIDANCE, INCLUDING INDUSTRY-SPECIFIC GUIDANCE. THE GUIDANCE INCLUDES A FIVE-STEP FRAMEWORK THAT REQUIRES AN ENTITY TO: (I) IDENTIFY THE CONTRACT(S) WITH A CUSTOMER, (II) IDENTIFY THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, (III) DETERMINE THE TRANSACTION PRICE, (IV) ALLOCATE THE TRANSACTION PRICE TO THE PERFORMANCE OBLIGATIONS IN THE CONTRACT, AND (V) RECOGNIZE REVENUE WHEN THE ENTITY SATISFIES A PERFORMANCE OBLIGATION. IN JULY 2015, THE FASB DEFERRED THE EFFECTIVE DATE OF ASU 2014-09 TO ANNUAL REPORTING PERIODS BEGINNING AFTER DECEMBER 15, 2017. A FULL RETROSPECTIVE OR MODIFIED RETROSPECTIVE APPROACH IS REQUIRED. THE COMPANY HAS ADOPTED ASU NO. 2014-09 EFFECTIVE JANUARY 1, 2018.

THE COMPANY HAS ELECTED TO APPLY THE MODIFIED RETROSPECTIVE METHOD AND THE IMPACT WAS DETERMINED TO BE IMMATERIAL ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. ACCORDINGLY, THE NEW REVENUE STANDARD HAS BEEN APPLIED PROSPECTIVELY IN THE COMPANY’S CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FROM JANUARY 1, 2018 FORWARD AND REPORTED FINANCIAL INFORMATION FOR HISTORICAL COMPARABLE PERIODS WILL NOT BE REVISED AND WILL CONTINUE TO BE REPORTED UNDER THE ACCOUNTING STANDARDS IN EFFECT DURING THOSE HISTORICAL PERIODS.

THE COMPANY PERFORMED AN ANALYSIS AND DETERMINED THAT ITS REVENUES ARE NOT WITHIN THE SCOPE OF ASC 606, AND AS SUCH, THE COMPANY DETERMINED THAT ITS METHODS OF RECOGNIZING REVENUES HAVE NOT BEEN IMPACTED BY THE NEW GUIDANCE.

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Mineral Assets, Ablation Intellectual Property and Other Property

3 Months Ended

Mar. 31, 2018

Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]

MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY

NOTE 4 – MINERAL ASSETS, ABLATION INTELLECTUAL PROPERTY AND OTHER PROPERTY

THE COMPANY’S MINING PROPERTIES ACQUIRED ON AUGUST 18, 2014 THAT THE COMPANY RETAINS AS OF MARCH 31, 2018, INCLUDE: 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 PROJECT 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 MARCH 31, 2018, INCLUDE HANSEN, NORTH HANSEN, HIGH PARK, HANSEN PICNIC TREE, AND TAYLOR RANCH, LOCATED IN FREMONT AND TELLER COUNTIES, COLORADO. THE COMPANY ALSO ACQUIRED THE KEOTA PROJECT LOCATED IN WELD COUNTY, WYOMING AND FERRIS HAGGERTY 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.

ON SEPTEMBER 16, 2015, IN CONNECTION WITH THE COMPANY’S ACQUISITION OF BLACK RANGE, THE COMPANY ASSUMED AN OPTION AND EXPLORATION AGREEMENT (THE “OPTION AND EXPLORATION AGREEMENT”) WITH STB MINERALS, LLC, A COLORADO LIMITED LIABILITY COMPANY (“STB”). THE OPTION AND EXPLORATION AGREEMENT GIVES THE COMPANY THE RIGHT TO PURCHASE 51% OF THE MINERAL RIGHTS OF SPECIFIC AREAS OF THE HANSEN AND PICNIC TREE DEPOSITS (FOR WHICH THE COMPANY ALREADY HOLDS 49% OF THE RIGHTS). IF THE COMPANY WERE TO EXERCISE ITS OPTION UNDER THE OPTION AND EXPLORATION AGREEMENT, IT WOULD REQUIRE THE COMPANY TO (A) MAKE A CASH PAYMENT OF $2,500,000 IMMEDIATELY UPON EXERCISE; (B) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 IMMEDIATELY UPON EXERCISE; AND (C) ISSUE SHARES OF COMMON STOCK TO STB AMOUNTING TO A VALUE OF $3,750,000 ON THE DATE THAT IS 180 DAYS FOLLOWING EXERCISE. THE OPTION AND EXPLORATION AGREEMENT WAS SCHEDULED TO EXPIRE BY ITS TERMS ON JULY 28, 2017 IF NOT EXERCISED.

THE OPTION AND EXPLORATION AGREEMENT PROVIDED AN EXTENSION FOR AN “EVENT OF FORCE MAJEURE”. UNDER THIS CLAUSE, THE COMPANY WOULD RECEIVE AN EXTENSION OF THE PERIOD DURING WHICH IT COULD EXERCISE ITS OPTION IF IT EXPERIENCES AN UNREASONABLE DELAY OUTSIDE ITS CONTROL THAT PREVENTS IT FROM EXERCISING THE OPTION. ON MAY 10, 2017, THE COMPANY PROVIDED TO STB A NOTICE THAT IT WAS EXERCISING THE FORCE MAJEURE CLAUSE DUE TO THE DELAY BY GOVERNMENT REGULATORS IN LICENSING THE COMPANY’S ABLATION TECHNOLOGY AND PERMITTING MINING AT THE HANSEN PROPERTY. STB HAS CONTESTED THE COMPANY’S FINDING THAT AN EVENT OF FORCE MAJEURE HAS OCCURRED. ONGOING NEGOTIATIONS CONTINUED UNTIL SEPTEMBER 21, 2017 WHEN THE COMPANY AND STB AGREED TO SETTLE THE MATTER THROUGH THE PRE-ESTABLISHED ARBITRATION MECHANISM. PRIOR TO THE COMMENCEMENT OF ARBITRATION, A SETTLEMENT WAS AGREED TO ON FEBRUARY 28, 2018 THROUGH THE EXECUTION OF AN AMENDMENT OF OPTION AND EXPLORATION AGREEMENT. AS CONSIDERATION, THE COMPANY PAID STB A $20,000 EXTENSION PAYMENT AND GRANTED STB THE RIGHT TO SEEK A BONA FIDE WRITTEN OFFER OVER THE REMAINING TERM, AND AGREED TO THE REMOVAL OF THE FORCE MAJEURE CLAUSE FROM THE AGREEMENT. THE COMPANY RECEIVED AN EXTENSION UNTIL JULY 28, 2019 AND A RIGHT OF FIRST REFUSAL TO MATCH ANY BONA FIDE WRITTEN OFFER. HENCE THE COMPANY ALREADY CONTROLS 49% OF THE RESOURCE PROPERTY AND RETAINS AN OPTION TO PURCHASE THE 51% OF THE RESOURCE PROPERTY THAT THE COMPANY DOES NOT ALREADY CONTROL FOR THE DURATION OF THE AGREEMENT. FURTHER THE COMPANY BELIEVES THE EXECUTION OF THIS AGREEMENT IS WITHOUT FINANCIAL IMPLICATIONS, AND AS SUCH, THE COMPANY HAS NOT MADE ANY ADJUSTMENT TO THESE CONDENSED CONSOLIDATED FINANCIALS RELATED TO THIS MATTER.

A PRIOR OWNER OF THE VAN 4 MINE HAD BEEN GRANTED A FIRST TEMPORARY CESSATION FROM RECLAMATION OF THE MINE BY THE COLORADO MINED LAND RECLAMATION BOARD (“MLRB”) WHICH WAS SET TO EXPIRE JUNE 23, 2017. PRIOR TO ITS EXPIRATION, PRM FORMALLY REQUESTED AN EXTENSION THROUGH A SECOND TEMPORARY CESSATION. PRM SUBSEQUENTLY, PARTICIPATED IN A PUBLIC PROCESS WHICH CULMINATED IN A HEARING ON JULY 26, 2017. PRIOR TO THE HEARING, THREE NON-PROFIT ORGANIZATIONS WHO PURSUE ENVIRONMENTAL AND CONSERVATION OBJECTIVES FILED A BRIEF OBJECTING TO THE EXTENSION. THE MLRB BOARD MEMBERS VOTED TO GRANT A SECOND FIVE-YEAR TEMPORARY CESSATION FOR THE VAN 4 MINE. THEREAFTER THE THREE OBJECTING PARTIES FILED A LAWSUIT ON SEPTEMBER 18, 2017. THE MLRB WAS NAMED AS THE DEFENDANT AND PRM WAS NAMED AS A PARTY TO THE CASE DUE TO THE COLORADO LAW REQUIREMENT THAT ANY LAWSUIT FILED AFTER A HEARING INCLUDE ALL OF THE PARTIES TO THE PROCEEDING. THE PLAINTIFF ORGANIZATIONS WERE SEEKING FOR THE COURT TO SET ASIDE THE BOARD ORDER GRANTING A SECOND FIVE-YEAR TEMPORARY CESSATION PERIOD TO PRM FOR THE VAN 4 MINE. THE COLORADO STATE ATTORNEY GENERAL WAS DEFENDING THIS ACTION IN THE DENVER COLORADO DISTRICT COURT. ON MAY 8, 2018, THE DENVER COLORADO DISTRICT COURT RULED IN FAVOR OF PRM, WHEREBY THE ADDITIONAL FIVE-YEAR TEMPORARY CESSATION PERIOD WAS GRANTED.

THE COMPANY’S MINERAL PROPERTIES AND ABLATION INTELLECTUAL PROPERTY ARE:

	AS OF
	MARCH 31, 2018		DECEMBER 31, 2017
MINERAL PROPERTIES	$	11,645,218	$	11,645,218
ABLATION INTELLECTUAL PROPERTY	$	9,488,051	$	9,488,051

OIL AND GAS LEASE AND EASEMENT

ON JULY 18, 2017, AN OIL AND GAS LEASE BECAME EFFECTIVE WITH RESPECT TO MINERALS AND MINERAL RIGHTS OWNED BY OF THE COMPANY OF APPROXIMATELY 160 SURFACE ACRES OF THE COMPANY’S PROPERTY IN COLORADO. AS CONSIDERATION FOR ENTERING INTO THE LEASE, THE COMPANY RECEIVED $120,000 DURING THE THIRD QUARTER OF 2017. THE LEASE WILL BE IN FORCE FOR AN INITIAL TERM OF THREE YEARS AND MAY BE EXTENDED BY THE LESSEE AT 150% OF THE INITIAL RATE. THE LESSEE HAS ALSO AGREED TO PAY THE COMPANY A ROYALTY OF 18.75% OF THE LESSEE’S REVENUE ATTRIBUTED TO OIL AND GAS PRODUCED, SAVED, AND SOLD ATTRIBUTABLE TO THE NET MINERAL INTEREST. THE COMPANY IS RECOGNIZING THE INITIAL PAYMENT INCREMENTALLY OVER THE TERM OF THE LEASE.

ON FEBRUARY 26, 2018, THE COMPANY ENTERED INTO A FURTHER AGREEMENT WITH THE SAME ENTITY AS THE OIL AND GAS LEASE TO PROVIDE THEM WITH AN EASEMENT TO AN ADDITIONAL PART OF THE COMPANY’S PROPERTY SOLELY FOR THE PURPOSES OF TRANSPORTING THE OIL AND GAS EXTRACTED VIA A PIPELINE. AS CONSIDERATION FOR THE EASEMENT, THE COMPANY RECEIVED $36,960 DURING THE FIRST QUARTER OF 2018. THE COMPANY IS RECOGNIZING THIS PAYMENT INCREMENTALLY OVER THE EIGHT YEAR TERM OF THE EASEMENT.

DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE COMPANY RECOGNIZED AGGREGATE REVENUE OF $11,155 AND $0, 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 AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, TO BE APPROXIMATELY $820,434 AND $820,434, RESPECTIVELY. DURING THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017, THE ACCRETION OF THE RECLAMATION LIABILITIES WAS $2,575 AND $1,528, RESPECTIVELY. THE COMPANY EXPECTS TO BEGIN INCURRING THE RECLAMATION LIABILITY AFTER 2054 AND ACCORDINGLY, HAS DISCOUNTED THE GROSS LIABILITIES OVER THEIR REMAINING LIVES USING A DISCOUNT RATE OF 5.4% TO NET DISCOUNTED AGGREGATED VALUES AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 OF $199,396 AND $196,821, RESPECTIVELY. THE GROSS RECLAMATION LIABILITIES AS OF MARCH 31, 2018 ARE SECURED BY CERTIFICATES OF DEPOSIT IN THE AMOUNT OF $820,434.

ON APRIL 11, 2018, THE COMPANY RECEIVED NOTICE FROM THE COLORADO DIVISION OF RECLAMATION, MINING AND SAFETY (“CDRMS”) IN REGARDS TO ITS RECLAMATION LIABILITY. CDRMS HAS RECALCULATED THE COMPANY’S ESTIMATED FUTURE RECLAMATION LIABILITY, WHICH WOULD REQUIRE THE COMPANY TO INCREASE ITS CERTIFICATES OF DEPOSIT THAT SECURE ITS RECLAMATION LIABILITY BY $68,517. THE COMPANY HAS UNTIL JUNE 8, 2018 TO COMPLY WITH OR APPEAL THE DETERMINATION. THE COMPANY IS CURRENTLY EVALUATING THE NOTICE AND DETERMINING ITS POSITION.

RECLAMATION LIABILITY ACTIVITY FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 CONSISTS OF:

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018		2017
BEGINNING BALANCE	$	196,821	$	403,639
ACCRETION		2,575		1,528
ENDING BALANCE	$	199,396	$	405,167

XML 21 R11.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2018

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
	MARCH 31, 2018		DECEMBER 31, 2017
TRADE ACCOUNTS PAYABLE	$	460,459	$	453,618
ACCRUED LIABILITIES		155,849		148,398
	$	616,308	$	602,016

XML 22 R12.htm IDEA: XBRL DOCUMENT

Notes Payable

3 Months Ended

Mar. 31, 2018

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

EFHC NOTE

ON AUGUST 18, 2014, IN CONNECTION WITH THE PURCHASE OF CERTAIN OF THE MINERAL PROPERTIES, THE COMPANY ENTERED INTO A NOTE PAYABLE WITH ENERGY FUELS HOLDING CORPORATION (“EFHC”) (THE “EFHC NOTE”) FOR $500,000. THE EFHC NOTE BEARS INTEREST AT A RATE OF 3.0% PER ANNUM AND IS SECURED BY A FIRST PRIORITY INTEREST IN CERTAIN OF THE COMPANY’S MINERAL PROPERTIES. ON THE DATE OF THE PURCHASE, THE COMPANY RECORDED THE EFHC NOTE NET OF A DISCOUNT FOR INTEREST OF $73,971 AT A RATE OF 4% PER ANNUM, RESULTING IN A TOTAL EFFECTIVE INTEREST RATE OF 7% PER ANNUM. THE DISCOUNT IS BEING AMORTIZED USING THE EFFECTIVE INTEREST METHOD OVER THE LIFE OF THE LOAN. ALL PRINCIPAL ON THE EFHC NOTE IS DUE AND PAYABLE ON AUGUST 18, 2018 AND INTEREST ON THE EFHC NOTE IS DUE AND PAYABLE ANNUALLY BEGINNING AUGUST 18, 2015.

NOTES PAYABLE SUMMARY

NOTES PAYABLE CONSISTED OF:

	PRINCIPAL		DISCOUNT		BALANCE, NET OF DISCOUNT		CURRENT		NON-CURRENT
MARCH 31, 2018	$	500,000	$	7,726	$	492,274	$	492,274	$	—

DECEMBER 31, 2017	$	500,000	$	12,550	$	487,450	$	487,450	$	—

THE COMPANY’S TOTAL INTEREST EXPENSE, NET, CONSISTED OF:

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018			2017
INTEREST EXPENSE, NOTES PAYABLE	$	7,479		$	5,861
AMORTIZATION OF DISCOUNT ON NOTES PAYABLE		4,824			20,324
ACCRETION OF RECLAMATION LIABILITIES		2,575			1,528
OTHER INTEREST EXPENSE		-			726
INTEREST INCOME		(273	)		(275	)
INTEREST EXPENSE, NET	$	14,605		$	28,164

XML 23 R13.htm IDEA: XBRL DOCUMENT

Commitments	3 Months Ended
Commitments	Mar. 31, 2018
Commitments [Abstract]
COMMITMENTS	NOTE 7 - COMMITMENTS *RUSSELL FRYER* ON JULY 28, 2017, RUSSELL FRYER WAS APPOINTED THE COMPANY’S EXECUTIVE CHAIRMAN. ON NOVEMBER 13, 2017, THE COMPANY ENTERED INTO A CONSULTING AGREEMENT WITH AN AFFILIATE OF MR. FRYER. THE AGREEMENT BECAME EFFECTIVE ON JULY 28, 2017 AND, PURSUANT TO ITS TERMS, EXPIRES ON DECEMBER 31, 2018. THE AGREEMENT MAY BE TERMINATED BY EITHER PARTY WITH 90 DAYS’ NOTICE. THE AGREEMENT PROVIDES FOR COMPENSATION OF $15,000 PER MONTH AND AN ANNUAL BONUS AT THE DISCRETION OF THE BOARD OF DIRECTORS. PURSUANT TO THE AGREEMENT, IF A CHANGE OF CONTROL OCCURS WHEREIN THE CONSIDERATION IN SUCH CHANGE OF CONTROL IS MORE THAN USD $2.00 PER SHARE, THE COMPANY IS REQUIRED TO PAY A LUMP SUM IN THE AMOUNT OF TWO AND ONE-HALF TIMES THE ENTITY’S ANNUAL FEE TO THIS ENTITY. ON JANUARY 29, 2018, THE COMPANY PROVIDED THE REQUISITE 90-DAY NOTIFICATION TO TERMINATE THE CONSULTING AGREEMENT, EFFECTIVE APRIL 30, 2018. ON MAY 1, 2018, FOLLOWING THE TERMINATION OF THIS CONSULTING CONTRACT, MR. FRYER RESIGNED AS DIRECTOR AND EXECUTIVE CHAIRMAN OF THE BOARD OF DIRECTORS.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments

3 Months Ended

Mar. 31, 2018

Share Capital and Other Equity Instruments [Abstract]

SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

NOTE 8 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

AUTHORIZED CAPITAL

THE HOLDERS OF THE COMPANY’S COMMON STOCK ARE ENTITLED TO ONE VOTE PER SHARE. HOLDERS OF COMMON STOCK ARE ENTITLED TO RECEIVE RATABLY SUCH DIVIDENDS, IF ANY, AS MAY BE DECLARED BY THE BOARD OF DIRECTORS OUT OF LEGALLY AVAILABLE FUNDS. UPON THE LIQUIDATION, DISSOLUTION, OR WINDING UP OF THE COMPANY, HOLDERS OF COMMON STOCK ARE ENTITLED TO SHARE RATEABLY IN ALL ASSETS OF THE COMPANY THAT ARE LEGALLY AVAILABLE FOR DISTRIBUTION. AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, AN UNLIMITED NUMBER OF COMMON SHARES WERE AUTHORIZED FOR ISSUANCE.

PRIVATE PLACEMENT

ON MAY 4, 2018, THE COMPANY COMPLETED A PRIVATE PLACEMENT OF 909,622 UNITS AT A PRICE OF CAD $0.68 (USD $0.53) PER UNIT FOR GROSS PROCEEDS OF CAD $618,543 (USD $481,560). EACH UNIT CONSISTED OF ONE SHARE OF COMMON STOCK AND A WARRANT TO PURCHASE ONE-HALF OF ONE SHARE OF COMMON STOCK. EACH WARRANT IS IMMEDIATELY EXERCISABLE AT A PRICE OF CAD $1.15 AND EXPIRES TWO YEARS FROM THE DATE OF ISSUANCE.

INCENTIVE STOCK OPTION PLAN

THE COMPANY MAINTAINS AN INCENTIVE STOCK OPTION PLAN (THE “PLAN”) THAT PERMITS THE GRANTING OF STOCK OPTIONS AS INCENTIVE COMPENSATION. SHAREHOLDERS OF THE COMPANY APPROVED THE PLAN ON JUNE 30, 2008 AND AMENDMENTS TO THE PLAN ON JUNE 20, 2013, AND THE BOARD OF DIRECTORS APPROVED ADDITIONAL CHANGES TO THE PLAN ON SEPTEMBER 12, 2015.

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 MARCH 31, 2018, A TOTAL OF 20,510,500 COMMON SHARES WERE OUTSTANDING, AND AT THAT DATE THE MAXIMUM NUMBER OF STOCK OPTIONS ELIGIBLE FOR ISSUE UNDER THE PLAN WAS 2,051,050.

ON FEBRUARY 8, 2018, THE COMPANY GRANTED OPTIONS UNDER THE PLAN FOR THE PURCHASE OF AN AGGREGATE OF 100,000 SHARES OF COMMON STOCK TO A DIRECTOR. THE OPTIONS HAVE AN EXERCISE PRICE OF CAD $1.00 (US $0.78 AS OF MARCH 31, 2018) AND VEST ONE HALF ON THE DATE OF GRANT AND ONE HALF ON DECEMBER 31, 2018. ONE HALF OF THE OPTIONS EXPIRE ON JANUARY 31, 2023 AND THE REMAINING OPTIONS EXPIRE ON DECEMBER 31, 2023.

STOCK OPTIONS

	NUMBER OF SHARES			WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)		WEIGHTED AVERAGE GRANT DATE FAIR VALUE		INTRINSIC VALUE
OUTSTANDING - JANUARY 1, 2018		1,846,996		$	1.92
GRANTED		100,000		$	0.78
EXPIRED, FORFEITED, OR CANCELLED		(163,332	)	$	4.56
EXERCISED		—			—
OUTSTANDING - MARCH 31, 2018		1,783,664		$	1.77		3.85	$	0.40	$	—
EXERCISABLE - MARCH 31, 2018		1,733,664		$	1.80		3.80	$	0.41	$	—

THE COMPANY’S STOCK BASED COMPENSATION EXPENSE RELATED TO STOCK OPTIONS FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 WAS $69,832 AND $133,282, RESPECTIVELY. AS OF MARCH 31, 2018, THE COMPANY HAD $2,572 IN UNAMORTIZED STOCK OPTION EXPENSE, WHICH WILL BE AMORTIZED OVER A PERIOD OF 0.75 YEARS.

THE COMPANY UTILIZED THE BLACK-SCHOLES OPTION PRICING MODEL TO DETERMINE THE FAIR VALUE OF THESE STOCK OPTIONS, USING THE ASSUMPTIONS AS OUTLINED BELOW.

	FEBRUARY 8, 2018
STOCK PRICE		CAD $0.52
EXERCISE PRICE		CAD $1.00
NUMBER OF OPTIONS GRANTED		100,000
DIVIDEND YIELD		0	%
EXPECTED VOLATILITY		49	%
WEIGHTED AVERAGE RISK-FREE INTEREST RATE		1.64	%
EXPECTED LIFE (IN YEARS)		2.50 - 3.00

WARRANTS

	NUMBER OF SHARES		WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)		INTRINSIC VALUE
OUTSTANDING, JANUARY 1, 2018		4,095,563	$	2.27
OUTSTANDING - MARCH 31, 2018		4,095,563	$	2.27		3.56	$	-
EXERCISABLE - MARCH 31, 2018		4,095,563	$	2.27		3.56	$	-

XML 25 R15.htm IDEA: XBRL DOCUMENT

Mining Expenditures

3 Months Ended

Mar. 31, 2018

Mining Expenditures [Abstract]

MINING EXPENDITURES

NOTE 9 – MINING EXPENDITURES

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018		2017
PERMITS	$	45,455	$	28,751
MAINTENANCE		-		11,867
CONTRACT LABOR		3,600		-
	$	49,055	$	40,618

XML 26 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Including Key Management Compensation)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions (Including Key Management Compensation) [Abstract]
RELATED PARTY TRANSACTIONS (INCLUDING KEY MANAGEMENT COMPENSATION)	NOTE 10 – RELATED PARTY TRANSACTIONS (INCLUDING KEY MANAGEMENT COMPENSATION) THE COMPANY HAS TRANSACTED WITH RELATED PARTIES PURSUANT TO SERVICE ARRANGEMENTS IN THE ORDINARY COURSE OF BUSINESS, AS FOLLOWS: PURSUANT TO A CONSULTING AGREEMENT, A UNITED STATES LIMITED LIABILITY COMPANY OWNED BY A PERSON WHO WAS A DIRECTOR, AND ON JULY 28, 2017, BECAME THE COMPANY’S EXECUTIVE CHAIRMAN, ENTERED INTO A CONSULTING AGREEMENT WITH THE COMPANY EFFECTIVE APRIL 1, 2016 TO PROVIDE FINANCIAL, ADVISORY, AND CONSULTING SERVICES, INCLUDING REPRESENTING THE COMPANY TO A VARIETY OF STAKEHOLDERS FOR A SIX MONTH TERM ENDING ON SEPTEMBER 30, 2016. ON OCTOBER 1, 2016 THE COMPANY EXTENDED THIS AGREEMENT THROUGH JANUARY 31, 2017. PROFESSIONAL FEES FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017 WERE $45,000 AND $15,014, RESPECTIVELY, RELATED TO THIS AGREEMENT. AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, THE COMPANY HAD $0 AND $0, RESPECTIVELY, INCLUDED IN ACCOUNTS PAYABLE AND ACCRUED LIABILITIES PAYABLE TO THIS ENTITY. ON APRIL 1, 2017, THE COMPANY ENTERED INTO A NEW CONSULTING AGREEMENT WITH A UNITED STATES LIMITED LIABILITY COMPANY OWNED BY A PERSON WHO IS A DIRECTOR. THE CONSULTING AGREEMENT IS TO PROVIDE ASSISTANCE WITH CAPITAL RAISING ACTIVITIES AND OTHER FINANCIAL, ADVISORY, AND CONSULTING SERVICES FOR THE PERIOD APRIL 1, 2017 THROUGH JUNE 30, 2017. AT JUNE 30, 2017 AND THE LAST DAY OF EACH MONTH THEREAFTER, THE AGREEMENT MAY BE EXTENDED BY THE COMPANY ON A MONTH-TO-MONTH BASIS WITH SEVEN DAYS’ NOTICE. THE AGREEMENT HAS A MONTHLY FEE OF $15,000. PURSUANT TO THE CONSULTING AGREEMENT, IF THE COMPANY COMPLETES A MERGER WITH A THIRD PARTY INTRODUCED BY THIS DIRECTOR WHEREBY MORE THAN 50% OF THE COMPANY’S THEN OUTSTANDING SHARES ARE TRANSFERRED TO THAT THIRD PARTY, THE COMPANY IS REQUIRED TO PAY A LUMP SUM IN AN AMOUNT OF $350,000 TO THIS ENTITY. ON JANUARY 29, 2018, THE COMPANY PROVIDED THE REQUISITE 90-DAY NOTIFICATION TO TERMINATE THE CONSULTING AGREEMENT, EFFECTIVE APRIL 30, 2018, UPON WHICH DATE THE AGREEMENT WAS TERMINATED. ON MAY 1, 2018, UPON TERMINATION OF THE AGREEMENT, THIS DIRECTOR RESIGNED FROM HIS POSITIONS AS DIRECTOR AND AS EXECUTIVE CHAIRMAN. PRIOR TO THE ACQUISITION OF BLACK RANGE, MR. GEORGE GLASIER, THE COMPANY’S CEO, WHO IS ALSO A DIRECTOR, 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 $384,290) TO SELLER WITHIN 60 DAYS OF THE FIRST COMMERCIAL APPLICATION OF THE ABLATION TECHNOLOGY. WESTERN 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 ESTIMABLE, THE COMPANY RECORDED THE DEFERRED CONTINGENT CONSIDERATION AS AN ASSUMED LIABILITY IN THE AMOUNT OF $384,290 AND $390,350 AS OF MARCH 31, 2018 AND DECEMBER 31, 2017, RESPECTIVELY.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS *PRIVATE PLACEMENT* ON MAY 4, 2018, THE COMPANY COMPLETED A PRIVATE PLACEMENT OF 909,622 UNITS AT A PRICE OF CAD $0.68 (USD $0.53) PER UNIT FOR GROSS PROCEEDS OF CAD $618,543 (USD $481,560). EACH UNIT CONSISTED OF ONE SHARE OF COMMON STOCK AND A WARRANT TO PURCHASE ONE-HALF OF ONE SHARE OF COMMON STOCK. EACH WARRANT IS IMMEDIATELY EXERCISABLE AT A PRICE OF CAD $1.15 AND EXPIRES TWO YEARS FROM THE DATE OF ISSUANCE. *SHARES ISSUED IN EXCHANGE FOR ACCOUNTS PAYABLE* ON MAY 4, 2018, THE COMPANY ISSUED 60,832 SHARES OF ITS COMMON STOCK TO TWO VENDORS OF THE COMPANY IN SATISFACTION OF AN AGGREGATE OF CAD $41,366 (USD $32,205) OF ACCOUNTS PAYABLE. *RECLAMATION LIABILITY* ON APRIL 11, 2018, THE COMPANY RECEIVED A NOTICE FROM CDRMS. SEE NOTE 4 FOR MORE INFORMATION.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

Use of Estimates

USE OF ESTIMATES

Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

Revenue Recognition

REVENUE RECOGNITION

Fair Values of Financial Instruments

FAIR VALUES OF FINANCIAL INSTRUMENTS

LEVEL 1 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS OR LIABILITIES.

LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS THAT CANNOT BE CORROBORATED BY MARKET DATA.

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 MARCH 31, 2018	$	3,104	$	-	$	-

MARKETABLE SECURITIES AS OF DECEMBER 31, 2017	$	3,123	$	-	$	-

Income Taxes

INCOME TAXES

Stock-Based Compensation

STOCK-BASED COMPENSATION

Loss per Share

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 THREE MONTHS ENDED MARCH 31,
	2018		2017
WARRANTS TO PURCHASE SHARES OF COMMON STOCK		4,095,563		3,341,572
OPTIONS TO PURCHASE SHARES OF COMMON STOCK		1,783,664		1,346,996
TOTAL POTENTIALLY DILUTIVE SECURITIES		5,879,227		4,688,568

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

XML 29 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of fair values of financial instruments

	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 MARCH 31, 2018	$	3,104	$	-	$	-

MARKETABLE SECURITIES AS OF DECEMBER 31, 2017	$	3,123	$	-	$	-

Schedule of anti-dilutive securities excluded from computation of earnings per share

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018		2017
WARRANTS TO PURCHASE SHARES OF COMMON STOCK		4,095,563		3,341,572
OPTIONS TO PURCHASE SHARES OF COMMON STOCK		1,783,664		1,346,996
TOTAL POTENTIALLY DILUTIVE SECURITIES		5,879,227		4,688,568

XML 30 R20.htm IDEA: XBRL DOCUMENT

Mineral Assets, Ablation Intellectual Property and Other Property (Tables)

3 Months Ended

Mar. 31, 2018

Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]

Schedule of mineral properties and ablation intellectual property

	AS OF
	MARCH 31, 2018		DECEMBER 31, 2017
MINERAL PROPERTIES	$	11,645,218	$	11,645,218
ABLATION INTELLECTUAL PROPERTY	$	9,488,051	$	9,488,051

Schedule on reclamation liability activity

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018		2017
BEGINNING BALANCE	$	196,821	$	403,639
ACCRETION		2,575		1,528
ENDING BALANCE	$	199,396	$	405,167

XML 31 R21.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of accounts payable and accrued liabilities

	AS OF
	MARCH 31, 2018		DECEMBER 31, 2017
TRADE ACCOUNTS PAYABLE	$	460,459	$	453,618
ACCRUED LIABILITIES		155,849		148,398
	$	616,308	$	602,016

XML 32 R22.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2018

Notes Payable [Abstract]

Schedule of notes payable

	PRINCIPAL		DISCOUNT		BALANCE, NET OF DISCOUNT		CURRENT		NON-CURRENT
MARCH 31, 2018	$	500,000	$	7,726	$	492,274	$	492,274	$	—

DECEMBER 31, 2017	$	500,000	$	12,550	$	487,450	$	487,450	$	—

Schedule of total interest expense, net

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018			2017
INTEREST EXPENSE, NOTES PAYABLE	$	7,479		$	5,861
AMORTIZATION OF DISCOUNT ON NOTES PAYABLE		4,824			20,324
ACCRETION OF RECLAMATION LIABILITIES		2,575			1,528
OTHER INTEREST EXPENSE		-			726
INTEREST INCOME		(273	)		(275	)
INTEREST EXPENSE, NET	$	14,605		$	28,164

XML 33 R23.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Share Capital and Other Equity Instruments [Abstract]

Summary of company's stock option granted activity

	NUMBER OF SHARES			WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)		WEIGHTED AVERAGE GRANT DATE FAIR VALUE		INTRINSIC VALUE
OUTSTANDING - JANUARY 1, 2018		1,846,996		$	1.92
GRANTED		100,000		$	0.78
EXPIRED, FORFEITED, OR CANCELLED		(163,332	)	$	4.56
EXERCISED		—			—
OUTSTANDING - MARCH 31, 2018		1,783,664		$	1.77		3.85	$	0.40	$	—
EXERCISABLE - MARCH 31, 2018		1,733,664		$	1.80		3.80	$	0.41	$	—

Schedule of fair value of these stock options, using the assumptions

	FEBRUARY 8, 2018
STOCK PRICE		CAD $0.52
EXERCISE PRICE		CAD $1.00
NUMBER OF OPTIONS GRANTED		100,000
DIVIDEND YIELD		0	%
EXPECTED VOLATILITY		49	%
WEIGHTED AVERAGE RISK-FREE INTEREST RATE		1.64	%
EXPECTED LIFE (IN YEARS)		2.50 - 3.00

Summary of warrants outstanding

	NUMBER OF SHARES		WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE CONTRACTUAL LIFE (YEARS)		INTRINSIC VALUE
OUTSTANDING, JANUARY 1, 2018		4,095,563	$	2.27
OUTSTANDING - MARCH 31, 2018		4,095,563	$	2.27		3.56	$	-
EXERCISABLE - MARCH 31, 2018		4,095,563	$	2.27		3.56	$	-

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 34 R24.htm IDEA: XBRL DOCUMENT

Mining Expenditures (Tables)

3 Months Ended

Mar. 31, 2018

Mining Expenditures [Abstract]

Schedule of mining expenditures

	FOR THE THREE MONTHS ENDED MARCH 31,
	2018		2017
PERMITS	$	45,455	$	28,751
MAINTENANCE		-		11,867
CONTRACT LABOR		3,600		-
	$	49,055	$	40,618

XML 35 R25.htm IDEA: XBRL DOCUMENT

Business (Details)	Nov. 20, 2014
Business (Textual)
Ownership percentage	100.00%

XML 36 R26.htm IDEA: XBRL DOCUMENT

Liquidity and Going Concern (Details)	May 04, 2018 USD ($) $ / shares shares	May 04, 2018 CAD ($) shares	May 04, 2018 ¥ / shares	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Liquidity and Going Concern [Line Items]
Accumulated deficit				$ (5,038,007)	$ (4,540,143)
Working capital deficiency				$ 857,006
Subsequent Event [Member] \| Private Placement [Member]
Liquidity and Going Concern [Line Items]
Common stock issued, shares \| shares	909,622	909,622
Gross proceeds amount	$ 481,560	$ 618,543
Price per share \| (per share)	$ 0.53		¥ 0.68
Warrant exercisable price \| ¥ / shares			¥ 1.15
Date of issuance	2 years	2 years

XML 37 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 3,104	$ 3,123
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,104	3,123
Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities

XML 38 R28.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	5,879,227	4,688,568
Warrants to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	4,095,563	3,341,572
Options to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	1,783,664	1,346,996

XML 39 R29.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies (Textual)
Percent of likely to be realized upon settlement, description	Greater than 50 percent.
Minimum [Member]
Summary of Significant Accounting Policies (Textual)
U.S. federal corporate tax rate	21.00%
Maximum [Member]
Summary of Significant Accounting Policies (Textual)
U.S. federal corporate tax rate	35.00%

XML 40 R30.htm IDEA: XBRL DOCUMENT

Mineral Assets, Ablation Intellectual Property and Other Property (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
Mineral properties	$ 11,645,218	$ 11,645,218
Ablation intellectual property	$ 9,488,051	$ 9,488,051

XML 41 R31.htm IDEA: XBRL DOCUMENT

Mineral Assets, Ablation Intellectual Property and Other Property (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Mineral Assets, Ablation Intellectual Property and Other Property [Abstract]
Beginning balance	$ 196,821	$ 403,639
Accretion	2,575	1,528
Ending Balance	$ 199,396	$ 405,167

XML 42 R32.htm IDEA: XBRL DOCUMENT

Mineral Assets, Ablation Intellectual Property and Other Property (Details Textual)		1 Months Ended		3 Months Ended
	May 10, 2017 USD ($)	Jul. 18, 2017 a	Sep. 16, 2015	Mar. 31, 2018 USD ($)	Sep. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Apr. 11, 2018 USD ($)	Dec. 31, 2017 USD ($)
Mineral Assets, Ablation Intellectual Property and Other Property (Textual)
Reclamation liability mineral properties				$ 820,434				$ 820,434
Accretion of reclamation liability				$ 2,575		$ 1,528
Reclamation liability, description				The Company expects to begin incurring the reclamation liability after 2054.
Discount rate				5.40%
Net discounted value				$ 199,396				$ 196,821
Certificates of deposit				$ 820,434
Business acquisition, Description			The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights). If the Company were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise; (b) issue shares of common stock to STB amounting to a value of $3,750,000 immediately upon exercise; and (c) issue shares of common stock to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise. The Option and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.
Oil and gas lease permit area in acres \| a		160
Initial term of lease		3 years		8 years
Recognized revenue				$ 36,960
Production revenue percentage of lease, description	Hence the Company already controls 49% of the resource property and retains an option to purchase the 51% of the resource property that the Company does not already own for the duration of the agreement.	The lessee has also agreed to pay the Company a royalty of 18.75% of the lessee's revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.
Initial lease term, description		The lease will be in force for an initial term of three years and may be extended by the lessee at 150% of the initial rate.
Consideration paid	$ 20,000
Consideration received					$ 120,000
Aggregate revenue				$ 11,155		$ 0
Subsequent Event [Member]
Mineral Assets, Ablation Intellectual Property and Other Property (Textual)
Reclamation liability							$ 68,517

XML 43 R33.htm IDEA: XBRL DOCUMENT

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Trade accounts payable	$ 460,459	$ 453,618
Accrued liabilities	155,849	148,398
Total accounts payable and accrued liabilities	$ 616,308	$ 602,016

XML 44 R34.htm IDEA: XBRL DOCUMENT

Notes Payable (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal	$ 500,000	$ 500,000
Discount	7,726	12,550
Balance, Net of Discount	492,274	487,450
Current	492,274	487,450
Non-Current

XML 45 R35.htm IDEA: XBRL DOCUMENT

Notes Payable (Details 1) - USD ($)	3 Months Ended
Notes Payable (Details 1) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Notes Payable [Abstract]
Interest expense, notes payable	$ 7,479	$ 5,861
Amortization of discount on notes payable	4,824	20,324
Accretion of reclamation liabilities	2,575	1,528
Other interest expense		726
Interest income	(273)	(275)
Interest expense, net	$ 14,605	$ 28,164

XML 46 R36.htm IDEA: XBRL DOCUMENT

Notes Payable (Details Textual) - USD ($)		1 Months Ended
Notes Payable (Details Textual) - USD ($)	Nov. 13, 2017	Aug. 18, 2014	Mar. 31, 2018	Dec. 31, 2017
Notes Payable (Textual)
Discount for interest			$ 7,726	$ 12,550
Maturity date of notes payable	Dec. 31, 2018
EFHC [Member]
Notes Payable (Textual)
Note payable		$ 500,000
Note bears interest rate		3.00%
Discount for interest		$ 73,971
Discount for interest rate percentage		4.00%
Effective interest rate		7.00%
Maturity date of notes payable		Aug. 18, 2015

XML 47 R37.htm IDEA: XBRL DOCUMENT

Commitments (Details)	Nov. 13, 2017 USD ($)
Commitments (Textual)
Compensation	$ 15,000
Expiry date	Dec. 31, 2018
Other commitments, description	Pursuant to the agreement, if a change of control occurs wherein the consideration in such change of control is more than USD $2.00 per share, the Company is required to pay a lump sum in the amount of two and one-half times the entity's annual fee to this entity.

XML 48 R38.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments (Details) - Stock Options [Member]	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Number of Shares
Outstanding - January 1, 2018 \| shares	1,846,996
Granted \| shares	100,000
Expired, forfeited, or cancelled \| shares	(163,332)
Exercised \| shares
Outstanding - March 31, 2018 \| shares	1,783,664
Exercisable - March 31, 2018 \| shares	1,783,664
Weighted Average Exercise Price
Outstanding - January 1, 2018	$ 1.92
Granted	0.78
Expired, forfeited, or cancelled	4.56
Exercised
Outstanding - March 31, 2018	1.77
Exercisable - March 31, 2018	$ 1.80
Weighted Average Contractual Life (years)
Outstanding - March 31, 2018	3 years 10 months 6 days
Exercisable - March 31, 2018	3 years 9 months 18 days
Weighted Average Grant Date Fair Value
Outstanding - March 31, 2018	$ 0.40
Exercisable - March 31, 2018	$ 0.41
Intrinsic Value
Outstanding - March 31, 2018 \| $
Exercisable - March 31, 2018 \| $

XML 49 R39.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments (Details 1) - Feb. 08, 2018 - Stock Option [Member]	$ / shares shares	$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price \| $ / shares		$ 0.52
Exercise Price \| (per share)	$ 0.78	$ 1.00
Number of Options Granted \| shares	100,000
Dividend Yield	0.00%
Expected Volatility	49.00%
Weighted Average Risk-Free Interest Rate	1.64%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	3 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	2 years 6 months

XML 50 R40.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments (Details 2) - Warrants [Member]	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Number of Shares
Outstanding - January 1, 2018 \| shares	4,095,563
Outstanding - March 31, 2018 \| shares	4,095,563
Exercisable - March 31, 2018 \| shares	4,095,563
Weighted Average Exercise Price
Outstanding - January 1, 2018 \| $ / shares	$ 2.27
Outstanding - March 31, 2018 \| $ / shares	2.27
Exercisable - March 31, 2018 \| $ / shares	$ 2.27
Weighted Average Contractual Life (years)
Outstanding - March 31, 2018	3 years 6 months 21 days
Exercisable - March 31, 2018	3 years 6 months 21 days
Intrinsic Value
Outstanding - March 31, 2018 \| $
Exercisable - March 31, 2018 \| $

XML 51 R41.htm IDEA: XBRL DOCUMENT

Share Capital and Other Equity Instruments (Details Textual)				3 Months Ended
	May 04, 2018 USD ($) $ / shares shares	May 04, 2018 CAD ($) shares	Feb. 08, 2018 $ / shares shares	Mar. 31, 2018 USD ($) shares	Mar. 31, 2017 USD ($)	May 04, 2018 ¥ / shares	Feb. 08, 2018 $ / shares	Dec. 31, 2017 shares
Share Capital and Other Equity Instruments (Textual)
Common stock, shares outstanding				20,510,500				20,510,500
Stock based compensation expense \| $				$ 69,832	$ 133,282
Unamortized stock option expense \| $				$ 2,572
Amortized period				9 months
Incentive Stock Option Plan [Member]
Share Capital and Other Equity Instruments (Textual)
Common stock, shares outstanding				20,510,500
Percentage of issued and outstanding of common shares				10.00%
Maximum number of shares eligible for issue, shares				2,051,050
Stock Options [Member]
Share Capital and Other Equity Instruments (Textual)
Aggregate shares of common stock granted			100,000
Options exercise price \| (per share)			$ 0.78				$ 1.00
Subsequent Event [Member] \| Private Placements [Member]
Share Capital and Other Equity Instruments (Textual)
Common stock issued, shares	909,622	909,622
Common stock issued	$ 481,560	$ 618,543
Price per share \| (per share)	$ 0.53					¥ 0.68
Warrant exercisable price \| ¥ / shares						¥ 1.15
Date of issuance	2 years	2 years

XML 52 R42.htm IDEA: XBRL DOCUMENT

Mining Expenditures (Details) - USD ($)	3 Months Ended
Mining Expenditures (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Mining Expenditures [Abstract]
Permits	$ 45,455	$ 28,751
Maintenance		11,867
Contract Labor	3,600
Total mining expenditures	$ 49,055	$ 40,618

XML 53 R43.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Including Key Management Compensation) (Details) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 01, 2017	Mar. 31, 2018 USD ($) shares	Mar. 31, 2018 AUD ($) shares	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Related Party Transactions (Including Key Management Compensation) (Textual)
Professional fees		$ 179,226		$ 225,494
Accounts payable and accrued liabilities		0			$ 0
Related party transaction, description	The agreement has a monthly fee of $15,000. Pursuant to the consulting agreement, if the Company completes a merger with a third party introduced by this director whereby more than 50% of the Company's then outstanding shares are transferred to that third party, the Company is required to pay a lump sum in an amount of $350,000 to this entity. On January 29, 2018, the Company provided the requisite 90-day notification to terminate the consulting agreement, effective April 30, 2018, upon which date the agreement was terminated. On May 1, 2018, upon termination of the agreement, this director resigned as executive chairman.
Deferred contingent consideration as an assumed liability		384,290			$ 390,350
Black Range [Member]
Related Party Transactions (Including Key Management Compensation) (Textual)
Acquisition of issued of common stock		$ 384,290	$ 500,000
Acquisition of issued of common stock shares \| shares		25	25

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919370-209981

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(23))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=77888430&loc=SL77919784-209982

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=77911099&loc=d3e36975-112693

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918703-209980

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(11))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(10))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

XML 54 R44.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - Subsequent Event [Member]	May 04, 2018 USD ($) $ / shares shares	May 04, 2018 CAD ($) shares	May 04, 2018 ¥ / shares
Two vendors [Member]
Subsequent Event [Line Items]
Common stock issued, shares	60,832	60,832
Common stock issued	$ 32,205	$ 41,366
Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued, shares	909,622	909,622
Common stock issued	$ 481,560	$ 618,543
Price per share \| (per share)	$ 0.53		¥ 0.68
Warrant exercisable price \| ¥ / shares			¥ 1.15
Date of issuance	2 years	2 years

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