Mr. George Glasier reports

WESTERN URANIUM & VANADIUM CORP. CLOSES FULLY SUBSCRIBED BROKERED LIFE FINANCING OF $7.25 MILLION

Western Uranium & Vanadium Corp. has closed its brokered private placement financing previously announced in the company's news release issued on Dec. 4, 2023. Pursuant to the offering, Western has issued a total of 5,215,828 units at a price of $1.39 per unit for aggregate gross proceeds of approximately $7.25-million, with each unit comprising one common share and one-half of one common share purchase warrant. Each warrant is exercisable into one share of the company at a price of $1.88 per share, for a period of four years from the date of issuance. A total of 5,215,828 shares and 2,607,913 warrants were issued pursuant to the offering.

In connection with the offering, Western has entered into an agency agreement with A.G.P. Canada Investment ULC, pursuant to which A.G.P. Canada acted as sole agent and bookrunner for the company. A cash commission equal to 7 per cent of the gross proceeds so raised in the offering is being paid to A.G.P. Canada.

The units under the offering were offered to purchasers pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106 -- Prospectus Exemptions in all the provinces of Canada, except Quebec, and in certain other jurisdictions pursuant to applicable securities laws. Pursuant to the LIFE exemption, the shares and warrants are not subject to any statutory hold period under applicable Canadian securities laws. Western has prepared and filed an offering document relating to the offering that can be accessed under the company's SEDAR+ profile as well as on the company's website.

As described in greater detail in the offering document, the net proceeds of the offering will be used as follows: (a) licensing and development of the Maverick minerals processing plant; (b) expand production capability at Sunday mine complex by adding a second mining team to develop the next major orebody and continue underground long-hole drilling program; (c) continuation of permitting of San Rafael (Utah) and Topaz mine (Colorado); (d) purchase mining equipment to prepare for a third mining team; and (e) general corporate working capital purposes, including general and administrative costs.

"Given improvements in uranium price levels, an expanding supply deficit and progress toward a U.S. ban on Russian uranium imports, we anticipate an increasingly favourable environment for North American uranium mining. This offering will expand and accelerate our mining and processing plant projects into the mid-term uranium market window, where we anticipate the supply shortage to be even more significant," stated George Glasier, chief executive officer of Western.

Closing of the offering is subject to certain conditions and receipt of all necessary approvals, including compliance with the requirements of the Canadian Securities Exchange.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium is ramping up high-grade uranium and vanadium production at its Sunday mine complex. In addition to the flagship property located in the prolific Uravan mineral belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick minerals processing plant is being licensed in Utah and will include the kinetic separation process.

We seek Safe Harbor.