Mr. George Glasier reports

WESTERN URANIUM & VANADIUM PROVIDES UPDATE ON MILL LICENSE APPLICATION

Western Uranium & Vanadium Corp. has provided an update on its progress toward submitting the radioactive materials licence application for the Mustang mineral processing plant, located at the former Pinon Ridge mill site in Montrose county, Colorado.

Western continues to make substantial progress in advancing its processing capabilities -- a critical, near-term component of the domestic uranium supply chain.

Permitting and environmental milestones on track k

Western is collaborating with a roster of eight specialized consultants and subconsultants. The team is actively preparing the radioactive materials licence application for the Colorado Department of Public Health and Environment (CDPHE) while simultaneously working to acquire a special use permit from Montrose County, Colorado.

To maximize operational and capital efficiency, Western is leveraging digital versions of the previously licensed Pinon Ridge mill application, securing significant cost and time savings.

Key environmental milestones for the project site include:

• Environmental and cultural surveys: successfully completed, fully validating the proposed project footprint;
• Air and water baseline data:
  • At the end of June, 2026, four quarters of air quality data collections were completed to align with the previously completed production well water collections;
  • Two quarters of monitor well, surface and river water collections have been concluded;
  • The third quarter of water data will be completed this month, with the final collections scheduled for the first week of October, 2026;
  • This rigorous baseline program ensures the highest standard of environmental compliance.

Target timeline: Western confirms it remains on track to submit the full licence application by the end of 2026, with the strategic goal of preserving the entire calendar year 2027 for the CDPHE application review process.

Mustang: a high-scale, high-margin production hub

Mustang is designed to transform Western into a cornerstone producer and significantly drive company performance by establishing a localized, conventional processing hub for uranium and vanadium resources within the Uravan mineral belt. The company's goal is to revitalize the Four Corners region as a major source of conventional domestic uranium, unlocking tens of millions of pounds of historical resources:

• Capacity: Mustang is designed for a throughput capacity of 1,000 tons per day and, once permitted, will be constructed modularly.
• Dual-revenue model: This scale will comfortably accommodate Western's proprietary ore production while dedicating significant toll milling capacity for third party ore.
• Shareholder value: For Western shareholders, this dual utility establishes a highly predictable, high-margin recurring revenue stream that directly enhances profitability and corporate financial resilience.

The macro picture: fuelling the golden age of nuclear

The timing of the project is ideal; Mustang is positioned to become the first new conventional uranium mill built in the United States in over 40 years.

Uranium feedstock production and processing are residual bottlenecks in the domestic nuclear fuel supply chain. While substantial capital has flowed into downstream enrichment and conversion, the front-end mining and milling sectors will need to scale up as new capacity comes on line. The domestic supply gap coincides with unprecedented structural shifts in the global energy market:

• Geopolitical supply constraints: The U.S. ban on Russian nuclear material begins in 2028 (approximately 1.5 years from now) and Kazakhstan is increasingly shifting its future contracts toward eastern nations, predominantly China.
• AI (artificial intelligence) and data centre demand surge: Massive infrastructure investments in artificial intelligence and hyperscale data centres are escalating electricity demand, straining current grids. Tech giants like Google, Amazon and Microsoft are actively securing future power offtake agreements with nuclear reactor developers.
• Federal policy tailwind: The U.S. Department of Energy (DOE) recently announced a financing program to support advancing 10 new large nuclear reactors into construction by 2030. Concurrently, the Nuclear Regulatory Commission (NRC) is modernizing reactor licensing, safety oversight and siting practices to fast-track multisite deployments of small modular reactors (SMRs) and microreactors.

Mustang's development directly supports the United States' goals of energy independence and quadrupling nuclear power capacity by 2050. As the domestic regulatory pathway clears for a historic wave of new reactor construction, the necessity for robust, scalable domestic nuclear fuel processing has never been more urgent.

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.