Mr. George Glasier reports

WESTERN URANIUM & VANADIUM CORP. ANNOUNCES ORE PURCHASE AGREEMENT

Western Uranium & Vanadium Corp. has entered into an ore purchase agreement with Energy Fuels Inc.

Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the company's flagship Sunday mine complex. The agreement is for a one-year period and provisions for the delivery of up to 25,000 short tons of uranium-bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.

George Glasier, Western's chief executive officer, stated: "This agreement strengthens Western's strategic position and accelerates our generation of revenues while rewarding shareholder investments that have yielded our current stockpiles. The collaboration with Energy Fuels provides synergies and leverage for both companies while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources."

Warrant repricing

Further to the news release issued by the company on Nov. 29, 2024, Western announces that a total of 2,868,541 previously issued common share purchase warrants have been repriced and are now exercisable at $2 per share. The company received consents from all holders of warrants and filed an amended Form 13 dated Feb. 27, 2025, under its profile on the Canadian Securities Exchange website. As previously announced, the term of the warrants was extended, with all warrants now expiring on Jan. 20, 2026. All other terms of the warrants remain unchanged. In accordance with the CSE rules, no compensation warrant was repriced or extended. Western will not issue replacement warrant certificates. The originally issued warrant certificates will be utilized for any such exercises. Please refer to Western's news release issued on Nov. 29, 2024, for additional details.

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 Mustang mineral processing site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.

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