Mr. George Glasier reports

WESTERN URANIUM & VANADIUM ANNOUNCES CAD $5,000,000 BOUGHT DEAL FINANCING

Western Uranium & Vanadium Corp. plans to enter into an agreement with A.G.P. Canada Investments ULC to act as sole underwriter and bookrunner for the company in connection with a bought deal private placement financing of 5,882,374 units at a price of 85 cents per unit for aggregate gross proceeds of approximately $5-million. Each unit to be placed in the offering is expected to comprise one common share and one common share purchase warrant, with each warrant being exercisable into one common share of the company at a price of $1.05 per share for a period of four years from the date of issuance. A.G.P./Alliance Global Partners plans to act as sole U.S. placement agent for the offering. It is currently anticipated that the offering will close on or about Friday, June 13, 2025, or such other date as agreed to by the company and A.G.P. Canada.

The chief executive officer and president of Western, George Glasier, intends to participate in the offering by subscribing for a total of 117,647 units. Mr. Glasier's participation is considered a related-party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Western plans to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that Mr. Glasier's participation in the offering will not exceed 25 per cent of the fair market value of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing of the offering as the details of the participation therein by related parties of the company were not settled until shortly prior to closing of the offering and the company wishes to close the offering on an expedited basis for sound business reasons. In addition to the CEO and president's participation, the offering is anticipated to include existing long-term holders along with new institutional investors.

The company intends to use the net proceeds of the offering for the expansion of the production capability and mining at the Sunday mine complex, licensing and development of minerals processing facilities, baseline data collection and permitting of the San Rafael project, acquisition of uranium/vanadium properties in close proximity to Western's production centres, purchase of additional mining equipment, and general working capital purposes.

The units are being offered on a private placement basis to purchasers in Canada pursuant to the accredited investor exemption outlined in Part 2 of National Instrument 45-106, Prospectus Exemptions. The units will also be offered to purchasers resident in the United States pursuant to available exemptions from the registration requirements under the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada as agreed upon by A.G.P. Canada and the company, pursuant to Ontario Securities Commission Rule 72-503, Distributions Outside Canada. The securities to be issued to Canadian subscribers in connection with the offering will be subject to a four-month statutory hold from the date of their issuance. Any securities to be issued to investors outside Canada pursuant to Rule 72-503 are expected to be free of any Canadian hold period.

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.

A commission comprised of cash and broker warrants is expected to be paid on closing to A.G.P. Canada on proceeds raised from the offering through their efforts. Broker warrants will have the same terms and conditions as the offering warrants.

About Western Uranium & Vanadium Corp.

Western 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.

We seek Safe Harbor.