Western Uranium Corp. on June 6 announced it signed a deal with a Nevada-incorporated Battery Mineral Resources Ltd. subsidiary to form a joint venture for vanadium development at the Sage Mine project, composed of 94 unpatented claims in Utah and Colorado.
Battery Mineral will underwrite the cost of scoping, engineering and technical studies during the due diligence period to prepare for the start of preproduction work.
Once due diligence is completed, Battery Mineral can enter into a definitive 50/50 joint venture agreement, and then Western Uranium and Battery Mineral will divide vanadium off-take on a 65/35 basis and uranium off-take on a 10/90 basis.
The company is planning to change its name to Western Uranium & Vanadium Corp. and will seek shareholder approval for the move at the June 29 annual general meeting.
