US-focused Western Uranium and Vanadium said it is adopting a more conservative operating strategy as uranium prices remain steady, with the term price ending July at $81/lb and spot prices ranging between $64/lb and $78/lb this year.

The company, which operates the Sunday Mine Complex (SMC) in Colorado, US, said it had anticipated a stronger recovery in 2025 following a US ban on Russian uranium imports from 2028 and US government support for nuclear energy.

"The company's interpretation of market signals was that uranium markets would stabilise at replacement price levels. However, given recent turbulence in global commodity and financial markets, along with geopolitical uncertainties, we have shifted to a more conservative stance, increasingly focusing on cost control and strategic discipline," said the CSE-listed mining firm.

In a mid-year update, Western also reported that it had begun delivering ore from SMC to Energy Fuels’ White Mesa mill under an agreement signed earlier this year, while advancing plans for its own processing plant.

The miner delivered about 792 t of uranium-bearing material in June and July, with the first ore lot expected to close in August and provisional payment due within 30 days.

Most of the feedstock originated from stockpiles at the SMC, supplemented by new production. All deliveries were made using company employees and equipment.

Western is prioritising development of the Mustang mineral processing plant, formerly the Pinon Ridge site, citing its proximity to the SMC and lower hauling costs compared with its Maverick plant in Utah. Baseline environmental data collection began in January, with the company aiming to file a radioactive materials licence application in the first quarter of 2026.

The company has completed the first phase of a horizontal underground drilling programme at the SMC, confirming five mineralised pockets in the GMG drift and outlining deposit trends. A second phase, involving surface drilling, would be needed to better define deposit thickness.

Western said it had also advanced development at the GMG, Leonard and Clark areas of the SMC, while gradually cutting staffing levels to align with capitalisation.

Beyond the SMC, management is assessing lower-cost opportunities across its portfolio, including re-permitting the Topaz mine, rehabilitating the Sage mine, and further development of the Rimrock joint venture. Permitting work is also under way at the San Rafael project.