Mr. George Glasier reports

WESTERN URANIUM & VANADIUM TO ACQUIRE URANIUM CLAIMS

Western Uranium & Vanadium Corp. has entered into a definitive agreement with an arm's-length party to acquire a package of unpatented mineral lode claims. The drilled-out deposit is situated on approximately 240 acres. With the purchase of the claims, Western will secure a 50-per-cent ownership interest in the deposit. This uranium/vanadium resource property is located on Bureau of Land Management land in Montrose county, Colorado. The company will pay $250,000 (U.S.) for the acquisition of the claims, and the transaction is anticipated to close in October after further due diligence is completed.

Western believes that this acquisition is strategically valuable due to the haul distance of fewer than 10 miles to the proposed Mustang mineral processing plant site. Beyond logistics, the property has demonstrated historic drill grades above the Long Park mining district's reported production averages, underscoring the potential for higher-margin resources. To further capitalize on this opportunity, the company has staked additional mining claims surrounding the property, adding 500 acres with significant exploration potential to expand this mineral resource.

The property was acquired in 1996 by two private partners (each owning 50 per cent of the property separately and not jointly) as an investment that leveraged their combined expertise as a geologist and a surveyor. The latter partner was notably from a prominent local uranium family. Over the course of ownership, the partners periodically made the property available for sale during periods of strong uranium prices. Following the passing of one of the original partners in 2013, Western's chief executive officer George Glasier acquired that partner's interest from his estate. As a result, the property has since been held by the remaining original partner and Mr. Glasier, each owning the separate but contiguous mining claim packages.

Due to personal circumstances, the remaining original partner recently offered his interest to Mr. Glasier. However, due to high potential for added value to the company, Mr. Glasier first presented this opportunity to Western. The company determined that acquiring the drilled-out claims represented a compelling opportunity when combined with the leveragability of the larger land package surrounding the property. To consolidate ownership, Mr. Glasier has indicated his willingness to make his personal interest available to the company on appropriate terms if the company deems it to be desirable. It is anticipated that such future transaction (assuming that the parties decide to proceed) will qualify as a related-party transaction as defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions).

The original owners of the property, Nuclear Dynamics Inc., engaged Thamm, Mickel & Co. to prepare an independent ore reserve calculation. The report was issued Aug. 14, 1980. The report was compiled utilizing data from 175 drill holes drilled between 1977 and 1980, but did not utilize a superior calculation method, such as the kriging calculation or the polygonal method. The Thamm report was prepared approximately 20 years before National Instrument 43-101 (Standards of Disclosure for Mineral Projects) was adopted by the Canadian Securities Administrators. Therefore, the Thamm report is not current or public. Accordingly, the company is not presenting the findings of the report.

About Western Uranium & Vanadium Corp.

Western Uranium is developing 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 plant is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.

We seek Safe Harbor.