Mr. George Glasier reports

WESTERN URANIUM & VANADIUM ANNOUNCES SECURITIES TRANSACTIONS

Western Uranium & Vanadium Corp. has provided the following updates.

George Glasier, chief executive officer, purchases common shares in the open market and files early warning report

George Glasier, chief executive officer, president, founder and a director of the company, announces that he acquired, for investment purposes, a total of 100,000 common shares of Western on Dec. 29 and Dec. 30, 2025, at a price of 48 cents per share in the public market. Prior to the transaction, Mr. Glasier controlled a total of 4,928,516 common shares (6.9 per cent), which increased to 5,028,516 common shares (7.0 per cent). Additionally, Mr. Glasier held vested stock options and warrants exercisable for 1,067,647 common shares of the company, which, if all were exercised, Mr. Glasier would hold and/or control approximately 8.4 per cent of the company's then issued and outstanding common shares. Despite this increase in common share ownership, Mr. Glasier is issuing this news release because his percentage ownership in the company has decreased below 10 per cent as a result of multiple private placements conducted to finance company operations.

This is a joint news release of Western and Mr. Glasier, president, CEO and a director of the company. Mr. Glasier will file an early warning report under the company's profile on SEDAR+. The early warning report will include additional information as required under National Instrument 62-103 (the Early Warning System and Related Takeover Bid and Insider Reporting Issues). A copy of the early warning report may be requested from Western's chief financial officer, Robert Klein, by contacting him by phone or e-mail.

Stock options grant

Western has granted an aggregate of 1.35 million stock options to purchase common shares to a number of officers, directors and employees of Western under the company's incentive stock option plan. The options were granted on Jan. 15, 2026, and with the exercise price being set at 90 cents based upon the closing prices on the two trading days prior to the grant date, and the pricing of units offered in the most recent private placement conducted by Western. Each option is exercisable to acquire one common share for a five-year term starting with the vesting date. The options vest equally in three instalments: Jan. 31, 2026, July 31, 2026, and Jan. 31, 2027.

About Western Uranium & Vanadium Corp.

Western Uranium is developing high-grade uranium and vanadium production. Western is currently licensing and developing the Mustang mineral processing plant for mined material recovery, which may incorporate kinetic separation to optimize economics. Western holds a number of resource properties, including the Sunday mine complex, its flagship property located in the prolific Uravan mineral belt. The production pipeline encompasses multiple conventional projects in Colorado and Utah that are currently undergoing permitting and development. The company continues to review opportunities to acquire and develop additional complementary properties in proximity to the processing plant site.