Mr. George Glasier reports

WESTERN URANIUM & VANADIUM CLOSES BOUGHT DEAL FINANCING OF CAD $5 MILLION

Western Uranium & Vanadium Corp. has closed its bought deal private placement financing, which was previously announced in the company's news release issued on June 10, 2025. Pursuant to the financing, Western issued a total of 5,911,786 units at a price of 85 cents per unit for aggregate gross proceeds of approximately $5,025,018 with each unit being composed of one common share and one common share purchase warrant. Each warrant is exercisable for one share of the company at a price of $1.05 per share for a period of four years from the date of its issuance. A total of 5,911,786 shares and 5,911,786 warrants were issued in the offering.

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 mineral 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 were issued to investors who are residents in the United States pursuant to available exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended, and were also issued in such other jurisdictions outside of Canada pursuant to Ontario Securities Commission Rule 72-503 (Distributions Outside Canada). The units issued to investors outside of Canada pursuant to Rule 72-503 are not subject to any statutory hold period under applicable Canadian securities laws. No units were issued to investors in Canada.

The chief executive officer and president of Western, George Glasier, participated 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 relied 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 did 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 closed the offering on an expedited basis for sound business reasons.

In connection with the offering, Western entered into an underwriting agreement with AGP Canada Investment ULC, pursuant to which the underwriter acted as the sole underwriter and bookrunner for the company. The underwriter received a fee composed of a cash commission of 7 per cent on the aggregate proceeds from units and 206,913 broker warrants, which are subject to a four-month statutory hold from the date of their issuance. AGP/Alliance Global Partners acted as sole U.S. placement agent for the offering.

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

About Western Uranium & Vanadium Corp.

Western Uranium 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.