Mr. George Glasier reports

WESTERN URANIUM & VANADIUM CORP. ANNOUNCES CLOSING OF MINERAL LODE CLAIMS ACQUISITION

Western Uranium & Vanadium Corp. has successfully closed the acquisition of unpatented mineral lode claims, as previously announced on Oct. 6, 2025.

The claims encompass a drilled-out uranium-vanadium deposit originally advanced during prior exploration programs, securing for Western a 50-per-cent ownership interest in the area covered by historic drilling. This strategic acquisition further strengthens the company's growing portfolio of conventional uranium and vanadium assets in the Western United States, adding to the company's advancing production pipeline, which includes the Sunday mine complex, the Sage mine, the Van 4 mine and the San Rafael projects. Together, these assets provide a strong foundation for near-term production and support Western's role in the resurgence of domestic U.S. uranium supply.

As part of the acquisition strategy, Western has also acquired additional claims surrounding the property, adding significant exploration potential to expand the historic resource. The company has named this new resource property the Uranium Ridge project, which is a combination of the surrounding claims plus the former Baboon basin claims/Sawtooth claims, which were drilled out. This land position expansion in the district underscores the company's commitment to building a long-term pipeline of high-quality uranium and vanadium resources.

The newly acquired claims are located in close proximity to Western's proposed Mustang mineral processing plant site. By securing nearby resources, Western expects to reduce haulage costs, streamline logistics and capture significant processing efficiencies, directly translating into increased value for shareholders. The Mustang site, which was previously licensed by the Colorado Department of Public Health and Environment (CDPHE), is being advanced as a key regional processing hub.

George Glasier, Western's chief executive officer, commented: "The successful closing of this acquisition demonstrates our continued focus on expanding the company's strategic footprint in uranium-rich districts of the Western United States. By combining these historically drilled resources with our existing assets and processing infrastructure, we are creating meaningful shareholder value and positioning the company to meet the rising demand for nuclear fuel."

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium 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.

We seek Safe Harbor.