Mr. George Glasier reports

WESTERN URANIUM & VANADIUM ADOPTS SHAREHOLDER RIGHTS PLAN

Western Uranium & Vanadium Corp.'s board of directors has adopted a shareholder rights plan agreement. While the plan is effective immediately, its continuance is subject to Western Uranium obtaining shareholder approval at its annual general and special meeting to be held on June 29, 2023.

The plan was adopted to help ensure, to the extent possible, the fair treatment of shareholders in the event of any takeover bid, other acquisition of control and/or creeping takeover bid for the company without payment to all shareholders of an adequate control premium. A creeping takeover bid occurs where acquisition of a significant interest in the company takes place through a number of share purchases over time. The plan is very similar to rights plans adopted by other Canadian issuers, and it was not adopted in response to any specific proposal to acquire control of the company. Western Uranium is not aware of any such proposal.

The plan has an initial term of three years provided it is ratified by shareholders of the company at the AGM. It is contained in a shareholder rights plan agreement with Capital Transfer Agency ULC as rights agent that is attached to the management information circular prepared for the AGM. The board of Western Uranium recommends the ratification of the plan by Western Uranium shareholders at the AGM.

Under the plan, rights have been issued to holders of Western Uranium common shares at a rate of one right for each common share, and one right will be issued and attached to each subsequently issued common share of the company. The issuance of the rights will not change the manner in which shareholders trade their common shares, and the rights will automatically attach to the common shares with no further action by shareholders being required. The rights issued under the plan are exercisable only if an acquirer (together with certain related parties) becomes beneficial owner of 20 per cent or more of the common shares of the company without complying with the permitted bid provisions of the plan. If the plan is not approved by shareholders at the AGM, the plan and all rights issued thereunder will then terminate.

The brief description of the plan in this press release is qualified in its entirety by the full text of the plan, which will be filed under Western Uranium's profile on SEDAR and on the Securities and Exchange Commission's EDGAR system. Further details regarding the plan will be included in the circular, which is being disseminated to shareholders on or about May 30, 2023.

About Western Uranium & Vanadium Corp.

Western Uranium is a Colorado-based uranium and vanadium conventional mining company focused on low-cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.

We seek Safe Harbor.