Mr. George Glasier reports

WESTERN URANIUM & VANADIUM MINING OPERATIONS UPDATE

Western Uranium & Vanadium Corp. has provided an update on its mining operations, highlighting significant achievements and outlining strategic goals for the upcoming year.

Exceptional progress at the Sunday mine complex project

Throughout 2023, the Sunday mine complex project witnessed exceptional progress, exceeding expectations in various facets. Key milestones include the identification of previously unknown large ore deposits, the successful development of the GMG orebody and the establishment of an in-house mining capability. The success at the GMG orebody is also advantageous for the DV orebody which is situated on trend beyond the GMG. Moreover, the identification of additional mineralized areas while drifting has bolstered exploration prospects that are accessible from the St. Jude mine workings.

Strategic goals for 2024 and beyond

Looking forward, the company is gearing up to produce significant quantities of uranium and vanadium in 2025. This ambitious goal hinges on achieving a daily ore production of 500 tons, with an anticipated yield of approximately 3,000 pounds of uranium per day. A successful ramp-up would achieve the annual ore production goal of one million pounds of uranium and six million pounds of vanadium.

To support these objectives, the company's mining team commenced the year with the expansion of infrastructure into deeper areas of the Sunday mine complex. The expansion encompassed electric, water, air and phone utilities. This project facilitates simultaneous ore sourcing from separate target areas and optimizes throughput via multiple haulage pathways. The company's next major target, the Leonard & Clark orebody, is accessible from the West Sunday mine and is approximately 2,700 feet away from the nearest existing underground mine area. Two alternating mining crews operating seven days a week are driving a drift which the company anticipates to reach target by fall 2024.

In 2024, the company's primary drilling objective is to define additional mining areas utilizing underground horizontal drilling. This cost-effective alternative to surface drilling aims to identify new high-value targets for mine development and support an ore resource upgrade program, defining additional resources for a National Instrument 43-101 technical report. Notably, long-hole and short-hole drilling efforts have already commenced on mineralized areas encountered while drifting to the GMG orebody. Additional drilling will target extensive unexplored areas of the project. Western is actively seeking to double the company's drilling capacity by adding a second drill team.

Favourable market conditions in the uranium sector, characterized by increased price levels, bolster the company's plans to expedite mine development and enhance production capacity. The company's current production ramp-up efforts are geared toward ensuring an adequate uranium feedstock supply for the Maverick minerals processing plant.

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.