Mr. George Glasier reports

WESTERN URANIUM & VANADIUM RECEIVES OVER $4.6M FROM WARRANT EXERCISES

Western Uranium & Vanadium Corp. has received approximately $4,630,800 in total proceeds from the exercise of common share purchase warrants between Dec. 1, 2023, and Feb. 16, 2024. During this period, an aggregate of 3,859,000 warrants were exercised. Thereafter, the company has a total of 53,374,123 common shares outstanding.

The majority of warrants were originally issued in a private placement which closed on Feb. 16, 2021, in which Western distributed a total of 3.25 million investor warrants exercisable for three years at $1.20 per share. An exercise participation rate above 99 per cent was attained prior to the expiration of the placement warrants on Feb. 16, 2024.

Western anticipates that most of the proceeds received from the exercise of warrants will be strategically deployed to accelerate the ramp-up of Western's mining and milling projects into an increasingly favourable uranium-mining environment.

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 mineral-processing plant is being licensed in Utah and will include the kinetic separation process.

We seek Safe Harbor.