What changed in this filing

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Item 1. Financial Statements

2022-05-20 compared with 2021-11-22 · 304 added, 400 removed, 393 unchanged (64% of the section changed)

4 unchanged sentences

(Stated in USD)

September 30,

Current assets:

Restricted cash, current portion

Prepaid uranium concentrate inventory

Prepaid expenses

9 unchanged sentences

Reclamation liability, current portion

Subscription payable

Deferred revenue, current portion

7 unchanged sentences

Shareholders’ Equity

Common shares, no par value, unlimited authorized shares, 38,221,623 and 30,084,053 shares issued as of September 30, 2021 and December 31, 2020, respectively and 38,221,317 and 30,083,747 shares outstanding as of September 30, 2021 and December 31, 2020, respectively

Treasury shares, 306 shares held in treasury as of September 30, 2021 and December 31, 2020

Common shares, no par value, unlimited authorized shares, 41,837,207 and 39,073,428 shares issued as of March 31, 2022 and December 31, 2021, respectively, and 41,836,901 and 39,073,122 shares outstanding as of March 31, 2022 and December 31, 2021, respectively

Treasury shares, 306 shares held in treasury as of March 31, 2022 and December 31, 2021

Accumulated deficit

1 unchanged sentence

( 13,161,496 )

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income

Total shareholders’ equity

Total liabilities and shareholders’ equity

The accompanying notes are

an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed

consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Lease revenue

For the Three Months

Ended March 31,

Lease and royalty revenue

Mining expenditures

5 unchanged sentences

( 1,171,446 )

( 1,523,453 )

Accretion and interest

Settlement expense

Warrant modification expense

( 1,173,603 )

( 2,173,086 )

Other comprehensive income (expense)

Foreign exchange gain (loss)

Other comprehensive income

Foreign exchange gain

Comprehensive loss

1 unchanged sentence

$ ( 246,650 )

$ ( 1,573,186 )

$ ( 2,274,182 )

Net loss per share - basic and diluted

Weighted average shares outstanding, basic and diluted

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of

these unaudited condensed consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS

OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER

30, 2021 AND 2020

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES

IN SHAREHOLDERS’ EQUITY

(Stated in USD)

5 unchanged sentences

$ ( 13,161,496 )

Private placement - February 16, 2021, net of offering costs

Private placement - March 1, 2021, net of offering costs

Private placement - January 20, 2022

Stock based compensation - stock options

Proceeds from exercise of warrants

Foreign exchange gain

Balance as of March 31, 2021

( 1,173,603 )

Proceeds from the exercise of warrants

Foreign exchange gain

Balance as of June 30, 2021

( 1,173,603 )

Proceeds from the exercise of warrants

Foreign exchange gain

Balance as of September 30, 2021

Balance as of March 31, 2022

$ ( 14,335,099 )

1 unchanged sentence

$ ( 11,087,459 )

Stock based compensation - stock options

Private placement - February 16, 2021

Private placement - March 1, 2021

Foreign exchange gain

1 unchanged sentence

$ ( 11,379,073 )

Stock based compensation - stock options

Warrant modification expense

Foreign Exchange gain

( 1,088,183 )

Balance as of June 30, 2020

$ ( 10,501,222 )

Foreign Exchange gain

Balance as of September 30, 2020

$ ( 10,867,655 )

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of

these unaudited condensed consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in USD)

For the Nine Months Ended

September 30,

For the Three Months Ended March 31,

Cash Flows From Operating Activities:

4 unchanged sentences

Stock based compensation

Warrant modification expense

Change in marketable securities

2 unchanged sentences

Accounts payable and accrued liabilities

Subscription payable

Reclamation liability

Deferred revenue

1 unchanged sentence

( 1,087,087 )

( 1,236,238 )

Cash Flows From Investing Activities

2 unchanged sentences

Cash Flows From Financing Activities

Proceeds from notes payable

Proceeds from warrant exercises

2 unchanged sentences

Effect of foreign exchange rate on cash

Net increase (decrease) in cash and restricted cash

( 1,256,916 )

Net increase in cash and restricted cash

Cash and restricted cash - beginning

4 unchanged sentences

Cash paid during the period for:

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed

consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

5 unchanged sentences

Western Uranium & Vanadium Corp.

or the “Company”, formerly Western Uranium Corporation) was incorporated in December 2006 under the Ontario Business Corporations

On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange (“CSE”).

that process, the Company acquired 100 % of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited

liability company.

The transaction constituted a reverse takeover (“RTO”) of Western by PRM.

Subsequent to obtaining appropriate

shareholder approvals, the Company reconstituted its Board of Directors and senior management team.

Effective September 16, 2015, Western

completed its acquisition of Black Range Minerals Limited (“Black Range”).

or the “Company”) was incorporated in December 2006 under the Ontario Business Corporations Act.

On November 20, 2014, the

Company completed a listing process on the Canadian Securities Exchange (“CSE”).

As part of that process, the Company acquired

100 % of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company.

The transaction

constituted a reverse takeover (“RTO”) of Western by PRM.

Subsequent to obtaining appropriate shareholder approvals, the Company

reconstituted its Board of Directors and senior management team.

Effective September 16, 2015, Western completed its acquisition of Black

Range Minerals Limited (“Black Range”).

The Company’s registered office is located

9 unchanged sentences

and depository services for shares in the United States.

On June 29, 2018, the shareholders of the Company

approved the name change of the Company from “Western Uranium Corporation” to “Western Uranium & Vanadium Corp.”

The name change became effective in Ontario, Canada on October 1, 2018;

thereafter on October 4, 2018, Western’s shares started

trading under the new name on the CSE and OTCQX, and the Company announced the name change by news release.

2 – Liquidity and going concern

The Company has incurred continuing losses from

its operations and negative operating cash flows from operations, and as of September 30, 2021, the Company had an accumulated deficit

of $ 12,684,176 and working capital of $ 4,004,375 .

its operations and negative operating cash flows from operations.

As of March 31, 2022, the Company had an accumulated deficit of $ 14,335,099

and working capital of $ 6,849,079 .

Since inception, the Company has met its liquidity

requirements principally through the issuance of notes and the sale of its common shares.

On February 16, 2021, the Company closed on

a non-brokered private placement of 3,250,000 units at a price of CAD $ 0.80 per unit.

The aggregate gross proceeds raised in the private

placement amounted to CAD $ 2,600,000 (USD $ 1,950,509 in net proceeds).

On March 1, 2021, the Company closed on a non-brokered private

placement of 3,125,000 units at a price of CAD $ 0.80 per unit.

The aggregate gross proceeds raised in the private placement amounted to

CAD $ 2,500,000 (USD $ 1,918,797 in net proceeds).

During the nine months ended September 30, 2021, the Company received $ 1,650,031 in proceeds

On January 20, 2022, the Company closed a non-brokered

private placement of 2,495,575 units at a price of CAD $ 1.60 per unit.

The aggregate gross proceeds raised in the private placement amounted

to CAD $ 3,992,920 (USD $ 3,011,878 in net proceeds).

During the three months ended March 31, 2022, the Company received $ 341,850 in proceeds

from the exercise of warrants.

The Company’s ability to continue its operations

and to pay its obligations when they become due is contingent upon the Company obtaining additional financing.

Management’s plans

include seeking to procure additional funds through debt and equity financings, to secure regulatory approval to fully utilize its kinetic

separation technology and to initiate the processing of ore to generate operating cash flows.

The Company’s ability to continue its planned

operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing.

plans include seeking to procure additional funds through debt and equity financing, to secure regulatory approval to fully utilize its

kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of ore to generate operating cash flows.

There are no assurances that the Company will

12 unchanged sentences

(Stated in USD)

– SUMMARY OF Significant Accounting Policies

The accompanying condensed consolidated financial

statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.

for interim financial information and with the instructions to Form 10-Q and Rule 10 of Regulation S–X.

Accordingly, they do not

include all of the information and notes required U.S.

However, in the opinion of management of the Company, all adjustments necessary

for a fair presentation of the financial position and operating results have been included in these condensed consolidated financial statements.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto

included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2020, as filed with the SEC on

April 15, 2021.

Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results

that may be expected for any subsequent quarters or for the year ending December 31, 2021.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been

prepared in accordance with generally accepted accounting principles in the United States (“U.S.

GAAP”) for interim financial

information and with the instructions to Form 10-Q and Rule 10 of Regulation S–X.

Accordingly, they do not include all of the information

and notes required U.S.

However, in the opinion of management of the Company, all adjustments necessary for a fair presentation

of the financial position and operating results have been included in these condensed consolidated financial statements.

These condensed

consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included

in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2021, as filed with the SEC on April 15,

Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for

any subsequent quarters or for the year ending December 31, 2022.

The accompanying condensed consolidated financial

2 unchanged sentences

Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty

Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc.

and Black Range Development

Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc., and Black Range Development

All inter-company transactions and balances have been eliminated upon consolidation.

4 unchanged sentences

study for any of its uranium projects.

Exploration Stage

Exploration Stage and Mineral Properties

In accordance with U.S.

4 unchanged sentences

to exploration activities, such as drill programs to search for additional mineralized materials, are expensed as incurred.

relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities, and disposal wells, are expensed

as incurred until such time proven or probable reserves are established for that uranium project, after which subsequent expenditures

relating to mine development activities for that particular project are capitalized as incurred.

relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities, disposal wells, and mine

development, are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which

subsequent expenditures relating to development activities for that particular project are capitalized as incurred.

Expenditures relating

to mining and ore production while the Company is in the exploration stage and while the ore is stockpiled underground are expensed as

Production stage issuers, as defined in subpart

11 unchanged sentences

in the production stage.

Western will not be eligible to become a production stage issuer, and will remain an exploration stage issuer,

until such time as mineral reserves are established on at least one material property.

WESTERN URANIUM & VANADIUM CORP.

19 unchanged sentences

Foreign Currency Translation

The reporting currency of the Company, including

its subsidiaries, is the United States Dollar.

The reporting currency of the Company, including its subsidiaries,

is the United States dollar.

The financial statements of subsidiaries located outside of the U.S.

are measured in their

functional currency, which is the local currency.

are measured in their functional currency,

which is the local currency.

The functional currency of the parent (Western Uranium & Vanadium Corp.

is the Canadian Dollar.

Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet

Income and expense items are translated using average monthly exchange rates.

Non-monetary assets are translated at their historical

exchange rates.

Translation adjustments are included in “Accumulated other comprehensive income (loss)” in the condensed consolidated

balance sheets.

(Ontario)) is the Canadian dollar.

Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date.

Transactions denominated

in currencies other than the functional currency are recorded based on the exchange rates at the time of the transaction.

Income and expense

items are translated using average monthly exchange rates.

Non-monetary assets are translated at their historical exchange rates.

adjustments are included in “Accumulated other comprehensive income” in the condensed consolidated balance sheets.

Revenue Recognition

1 unchanged sentence

for the exploration and production of oil and gas reserves.

The Company accounts for lease revenue in accordance with Accounting Standards

Codification (“ASC”) 842 “Leases”.

Lease payments received in advance are deferred and recognized on a straight-line

basis over the related lease term associated with the prepayment.

Royalty payments are recognized as revenues when received.

The Company accounts for lease revenue in accordance with the FASB ASC 842,

Lease payments received in advance are deferred and recognized on a straight-line basis over the related lease term associated

with the prepayment.

Royalty payments are recognized as revenues based upon production.

Fair Values of Financial Instruments

The carrying amounts of cash, restricted cash,

accounts payable, and accrued liabilities approximate their fair value due to the short-term nature of these instruments.

Marketable securities

are adjusted to fair value at each balance sheet date based on quoted prices which are considered level 1 inputs.

The Company’s

operations and financing activities are conducted primarily in United States dollars, and as a result, the Company is not subject to significant

exposure to market risks from changes in foreign currency rates.

The Company is exposed to credit risk through its cash and restricted

cash, but mitigates this risk by keeping these deposits at major financial institutions.

ASC 820, Fair Value Measurements and Disclosures ,

provides the framework for measuring fair value.

That framework provides a fair value hierarchy that prioritizes the inputs to valuation

techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical

assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

accounts payable, subscription payable, contingent consideration and accrued liabilities approximate their fair value due to the short-term

nature of these instruments.

Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which

are considered level 1 inputs.

The Company’s operating and financing activities are conducted primarily in United States dollars,

and as a result, the Company is not subject to significant exposure to market risks from changes in foreign currency rates.

is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions.

The FASB ASC 820, Fair Value Measurements and

Disclosures , provides the framework for measuring fair value.

That framework provides a fair value hierarchy that prioritizes the

inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active

markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

Fair value is defined as an exit price, representing

20 unchanged sentences

instruments are as follows:

Quoted Prices in

Active Markets for

Identical Assets or

Quoted Prices for

Similar Assets or

Liabilities in

Active Markets

Marketable securities as of September 30, 2021

Quoted Prices in Active Markets for Identical Assets or Liabilities

Quoted Prices for Similar Assets or Liabilities in Active Markets

Significant Unobservable Inputs

Marketable securities as of March 31, 2022

Marketable securities as of December 31, 2021

Stock-Based Compensation

The Company follows the FASB ASC 718, Compensation - Stock Compensation ,

which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted for using the fair value

Awards of shares for property or services are recorded at the fair value of the stock or the fair value of the service, whichever

is more readily measurable.

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of stock-based

awards under ASC 718.

The fair value is charged to earnings depending on the terms and conditions of the award, and the nature of the

relationship of the recipient of the award to the Company.

The Company records the grant date fair value in line with the period over

which it was earned.

For employees and consultants, this is typically considered to be the vesting period of the award.

The Company recognizes

forfeitures at the time forfeitures occur.

Loss per Share

5 unchanged sentences

shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury stock method).

The computation of diluted net loss per share for the three and nine months ended September 30, 2021 and 2020 excludes potentially dilutive

The computations of net loss per share for each of the three and nine months presented are the same for both basic and fully

The computation of diluted net loss per share for the three months ended March 31, 2022 and 2021 excludes potentially dilutive securities.

The computations of net loss per share for each of the three months presented is the same for both basic and fully diluted.

Potentially dilutive securities outlined in the

1 unchanged sentence

anti-dilutive.

For the Nine Months Ended

September 30,

For the Three Months

Ended March 31,

Warrants to purchase common shares

1 unchanged sentence

Total potentially dilutive securities

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

Recent Accounting Standards

2 unchanged sentences

financial statements.

The Company has adopted the recent accounting standards that are disclosed below.

In June 2016, the FASB issued Accounting Standards

Update (“ASU”) No.

2016-13, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses on Financial

Instruments .

ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected

credit loss (CECL) model.

The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost,

including loan receivables, held-to-maturity debt securities, and reinsurance receivables.

It also applies to off-balance sheet credit

exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar

instruments) and net investments in leases recognized by a lessor.

For public business entities that meet the definition of an SEC filer,

the standard will be effective for fiscal years beginning after December 15, 2019, including interim periods in those fiscal years.

debt securities with other-than-temporary impairment, the guidance will be applied prospectively.

Existing purchased credit impaired (“PCI”)

assets will be grandfathered and classified as purchased credit deteriorated (“PCD”) assets at the date of adoption.

will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize

the non-credit discount in interest income based on the yield of such assets as of the adoption date.

Subsequent changes in expected credit

losses will be recorded through the allowance.

For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized

in retained earnings as of the beginning of the first reporting period in which the guidance is effective.

The standard became effective

for the Company beginning January 1, 2020.

The adoption of this standard did not have a material impact on the Company’s results

of operations, financial condition, cash flows, and financial statement disclosure.

In December 2019, FASB issued ASU No.

Income Taxes (Topic 740):

Simplifying the Accounting for Income Taxes .

ASU 2019-12 eliminated certain exceptions and changed guidance

on other matters.

The exceptions relate to the allocation of income taxes in separate company financial statements, tax accounting for

equity method investments and accounting for income taxes when the interim period year-to-date loss exceeds the anticipated full year

Changes relate to the accounting for franchise taxes that are income-based and non-income-based, determining if a step-up in tax

basis is part of a business combination or if it is a separate transaction, when enacted tax law changes should be included in the annual

effective tax rate computation, and the allocation of taxes in separate company financial statements to a legal entity that is not subject

to income tax.

The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December

15, 2020, with early adoption permitted.

The Company adopted this standard, and it did not result in a material impact on its results

of operations, financial position, cash flows, and related disclosures.

WESTERN URANIUM &

VANADIUM CORP.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

3 unchanged sentences

The Company’s mining properties acquired

on August 18, 2014 that the Company retains as of September 30, 2021 include:

The San Rafael Uranium Project located in Emery County,

on August 18, 2014 that the Company retains as of March 31, 2022 include:

The San Rafael Uranium Project located in Emery County, Utah;

The Sunday Mine Complex located in western San Miguel County, Colorado;

The Van 4 Mine located in western Montrose County, Colorado;

The Sage Mine project located in San Juan County, Utah, and San Miguel County, Colorado.

These mining properties include leased land

in the states of Colorado and Utah.

The Sage Mine located in San Juan County, Utah, and San Miguel County, Colorado.

These mining properties include leased land in the states

of Colorado and Utah.

None of these mining properties were operational at the date of acquisition.

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of September 30, 2021 include Hansen, North Hansen and Hansen Picnic Tree located in

Fremont and Teller Counties, Colorado.

The Company also acquired the Keota project located in Weld County, Colorado and the Ferris Haggerty

project located in Carbon County Wyoming.

These mining assets include both owned and leased land in the states of Utah, Colorado, and

on September 16, 2015 that the Company retains as of March 31, 2022include Hansen, North Hansen and Hansen Picnic Tree located in Fremont

and Teller Counties, Colorado.

The Company also acquired the Keota project located in Weld County, Colorado and the Ferris Haggerty project

located in Carbon County Wyoming.

These mining assets include both owned and leased land in the states of Utah, Colorado, and Wyoming.

All of the mining assets represent properties which have previously been mined, to different degrees, for uranium.

4 unchanged sentences

and kinetic separation intellectual property are:

September 30, 2021

December 31, 2020

Mineral properties and equipment

10 unchanged sentences

above, elected to extend the oil and gas lease easement for three additional years , commencing on the date the lease would have previously

During 2021, the operator completed all well development stages and each of the eight (8) Blue Teal Fed wells commenced oil and

gas production by mid-August 2021.

During the three months ended September 30, 2021

and 2020 the Company recognized aggregate revenue of $ 16,155 and $ 11,155 , respectively, and for the nine months ended September 30, 2021

and 2020, the Company recognized aggregate revenue of $ 48,465 and $ 33,465 , respectively, under these oil and gas lease arrangements.

During 2021, the operator completed all well development stages, and each of the eight (8) Blue Teal Fed wells commenced oil

and gas production by mid-August 2021.

On January 31, 2022, the operator of the Weld County Colorado oil and gas pooled trust issued the

first cumulative royalty payment check in the amount of $ 207,552 for August 2021 through December 2021 sales which was recognized as income

in the fourth quarter of 2021.

During the three months ended March 31, 2022 and

2021, the Company recognized aggregate revenue of $ 156,226 and $ 16,155 , respectively, under these oil and gas lease arrangements.

WESTERN URANIUM & VANADIUM CORP.

12 unchanged sentences

The Company determined the gross reclamation liabilities of the mineral properties as

of September 30, 2021 and December 31, 2020, to be approximately $ 896,833 and $ 906,811 , respectively.

of March 31, 2022 and December 31, 2021, to be approximately $ 740,446 and $ 740,446 , respectively.

On March 2, 2020, the Colorado Mined

11 unchanged sentences

using a discount rate of 5.4%.

The net discounted aggregated values as of September 30, 2021 and December 31, 2020 were $315,923 and $309,940,

The net discounted aggregated values as of March 31, 2022 and December 31, 2021 were $274,197 and $271,620,

respectively.

The gross reclamation liabilities as of September 30, 2021 and December 31, 2020 are secured by financial warranties in

the amount of $ 896,833 and $ 906,811 , respectively.

Reclamation liability activity for the nine months ended September

The gross reclamation liabilities as of March 31, 2022 and December 31, 2021 are secured by financial warranties in the

amount of $ 740,446 and $ 740,446 , respectively.

Reclamation liability activity for the three months ended March 31,

2022 and 2021 consists of:

For the Nine Months Ended September 30,

For the Three Months

Ended March 31,

Beginning balance

1 unchanged sentence

Ending Balance

During the first quarter of 2021, the Company

received notice that its Ferris Haggerty property was no longer considered to be subject to reclamation treatment.

The Company recorded

a discontinuation of the Ferris Haggerty property’s present value of $ 2,669 during the first quarter 2021.

On April 29, 2021, the

Company moved the Ferris Haggerty $ 10,000 restricted cash deposit into its cash after receiving payment from the state of Wyoming.

Van 4 Mine Permitting Status

A prior owner of the Company’s Van 4 Mine

had been granted a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board (“MLRB”)

which was set to expire June 23, 2017.

Prior to its expiration, PRM formally requested an extension through a second Temporary Cessation.

PRM subsequently participated in a public process which culminated in a hearing on July 26, 2017.

Prior to the hearing, three non-profit

organizations who pursue environmental and conservation objectives filed a brief objecting to the extension.

The MLRB board members voted

to grant a second five-year Temporary Cessation for the Van 4 Mine.

Thereafter, the three objecting parties filed a lawsuit on September

The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit

filed after a hearing must include all of the parties in the proceeding.

The plaintiff organizations are seeking for the court to set

aside the board order granting a second five-year Temporary Cessation period to PRM for the Van 4 Mine.

The Colorado state Attorney General

was defending this action in the Denver Colorado District Court.

On May 8, 2018, the Denver Colorado District Court ruled in favor, whereby

the additional five-year Temporary Cessation period was granted.

The Plaintiffs appealed this ruling to the Colorado Court of Appeals,

and on July 25, 2019 the ruling was reversed, ruling that the additional five-year Temporary Cessation period should not have been granted.

The MLRB and the Colorado Attorney General advised

Western that it will not make an additional appeal of the ruling.

Further, the time period for an appeal has passed.

The Judge has subsequently

issued an instruction for the MLRB to issue an order revoking the permit and putting the Van 4 Mine into reclamation.

On January 22, 2020,

the MLRB held a hearing and on March 2, 2020, the MLRB issued an order vacating the Van 4 Temporary Cessation, revoking the permit and

ordered commencement of final reclamation, which must completed within five years.

The Company commenced reclamation of the Van 4 Mine,

but progress has been delayed both by COVID-19 restrictions and countywide fire and open flame restrictions.

The reclamation cost is fully

covered by the reclamation bonds posted upon acquisition of the property.

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

Sunday Mine Complex Permitting Status

On February 4, 2020, the Colorado DRMS sent a

Notice of Hearing to Declare Termination of Mining Operations related to the status of the mining permits issued by the state of Colorado

for the Sunday Mine Complex.

At issue was the application of an unchallenged Colorado Court of Appeals Opinion for a separate mine (Van

4) with very different facts that are retroactively modifying DRMS rules and regulations.

The Company maintains that it was timely in

meeting existing rules and regulations.

The hearing was scheduled to be held during several monthly MLRB Board meetings, but this matter

was delayed several times.

On February 4, 2020, the Colorado DRMS sent a Notice of Hearing to

Declare Termination of Mining Operations related to the status of the mining permits issued by the state of Colorado for the Sunday Mine

At issue was the application of an unchallenged Colorado Court of Appeals Opinion for a separate mine (Van 4) with very different

facts that are retroactively modifying DRMS rules and regulations.

The Company maintains that it was timely in meeting existing rules

and regulations.

The hearing was scheduled to be held during several monthly MLRB Board meetings, but this matter was delayed several

The permit hearing was held during the MLRB Board monthly meeting on July 22, 2020.

At issue was the status

of the five existing permits which comprise the Sunday Mine Complex.

Due to COVID restrictions, the hearing took place utilizing a virtual-only

At issue was the status of the five existing

permits which comprise the Sunday Mine Complex.

Due to COVID-19 restrictions, the hearing took place utilizing a virtual-only format.

The Company prevailed in a 3 to 1 decision which acknowledged that the work completed at the Sunday Mine Complex under DRMS oversight

21 unchanged sentences

On May 5, 2021,

the Plaintiff in the Topaz Appeal filed an opening brief with the Denver District Court seeking to overturn the July 22, 2020 and October

the Plaintiffs in the Topaz Appeal filed an opening brief with the Denver District Court seeking to overturn the July 22, 2020 and October

21, 2020 MLRB permit hearing decisions on the Topaz Mine permit.

5 unchanged sentences

Plaintiff submitted a reply brief on September 10, 2021.

On March 1, 2022, the Denver District Court reversed the MLRB’s orders

regarding the Topaz Mine and remanded the case back to MLRB for further proceedings consistent with its order.

The Company and the MLRB

had until April 19, 2022 to appeal the Denver District Court’s ruling.

Neither the Company nor the MLRB appealed the Denver District

Court ruling.

Western anticipates receiving an MLRB board order of reclamation for the Topaz Mine in June/July 2022.

The Company is continuing

to work toward the completion of an updated Topaz Mine Plan of Operations which is a separate federal requirement of the BLM for the conduct

of mining activities on federal land that has precluded the Company from commencing active mining operations at the Topaz Mine.

Kinetic Separation Intellectual Property

The Kinetic Separation Intellectual Property was acquired in Western’s

acquisition of Black Range Minerals on September 16, 2015.

Previously Black Range acquired its Kinetic Separation assets in the dissolution

of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a 25 year license to

utilize all of the patented and unpatented technology owned by the joint venture.

The technology license agreement for patents and unpatented

technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040.

There are no remaining license fee obligations

and there are no future royalties due under the agreement.

The Company has the right to sub-license the technology to third parties.

Company may not sell or assign the Kinetic Separation license;

however, the license could be transferred in the case of a sale of the

The Company has developed improvements to Kinetic Separation during the term of the license agreement and retains ownership of,

and may obtain patent protection on, any such improvements developed by the Company.

The Kinetic Separation intellectual property was

acquired in Western’s acquisition of Black Range on September 16, 2015.

Previously Black Range acquired its Kinetic Separation assets

in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a

25-year license to utilize all of the patented and unpatented technology owned by the joint venture.

The technology license agreement

for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040.

no remaining license fee obligations, and there are no future royalties due under the agreement.

The Company has the right to sub-license

the technology to third parties.

The Company may not sell or assign the Kinetic Separation license;

however, the license could be transferred

in the case of a sale of the Company.

The Company has developed improvements to Kinetic Separation during the term of the license agreement

and retains ownership of, and may obtain patent protection on, any such improvements developed by the Company.

The Kinetic Separation patent was filed on September 13, 2012 and granted

17 unchanged sentences

Company has explored.

Mining Equipment Purchases

During the three months ended March 31, 2022 and 2021, Western purchased

$ 369,900 and $ 65,000 , respectively, in mining equipment and vehicles.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL

(Stated in USD)

NOTE 5 – Accounts Payable

1 unchanged sentence

payable and accrued liabilities consisted of:

September 30, 2021

December 31, 2020

Accounts payable

Trade accounts payable

Accrued liabilities

Total accounts payable and accrued liabilities

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL

(Stated in USD)

NOTE 6 – COMMITMENTS AND CONTINGENCIES

Supply Contract

In December 2015, the Company signed a uranium

concentrates supply agreement with a major United States utility company for delivery commencing in 2018 and continuing for a five year

period through 2022.

As the Company does not possess saleable uranium, a partial assignment agreement was put in place whereby the assignee

accepted the Company’s right to the Year 1 delivery of 125,000 pounds of natural uranium concentrates.

The Year 1 delivery was made

during 2018, and the assignee was paid the full consideration under the agreement.

The Company did not recognize any gain or loss on this

In Year 2, a partial assignment agreement was put in place whereby the assignee accepted the Company’s right to the

Year 2 delivery of 125,000 pounds of natural uranium concentrates.

The Year 2 delivery was made during 2019, and the assignee was paid

the full consideration under the agreement.

The Company did not recognize any gain or loss on this transaction.

The Company and the United

States utility customer mutually agreed to cancel the Year 3 delivery, rather than pursue a partial assignment.

There was no delivery

On March 8, 2021, the Company entered into an agreement with a third party to complete the Year 4 (2021) uranium concentrate

In December 2015, the Company signed a uranium concentrates supply

agreement with a major United States utility company for delivery commencing in 2018 and continuing for a five-year period through 2022.

On March 8, 2021, the Company entered into an agreement with a third party to complete the Year 4 (2021) uranium concentrate delivery.

The Company paid $ 78,000 in April 2021 to the assignee for which the assignee made the delivery in May 2021.

This amount is

included in other expense on the Company’s condensed consolidated statement of operations and comprehensive loss.

In April 2022, in satisfaction

of the Year 5 delivery under its supply contract, the Company delivered 125,000 lbs of uranium concentrate from its prepaid uranium concentrate

This delivery of uranium concentrate resulted in a sale of $7,130,000, at a price of $57.04 per pound.

In May 2022, the Company

received the cash proceeds from this sale (See note 11).

Strategic Acquisition of Physical Uranium

On June 2, 2021, the Company executed a binding

agreement to purchase 125,000 pounds of natural uranium concentrate at the market price, of which the Company plans to take delivery on

or before June 2022.

In May 2021, the Company executed a binding agreement

to purchase 125,000 pounds of natural uranium concentrate at $32.16 per pound.

In December 2021, the Company paid $4,020,000, in connection

with its full prepayment of the purchase price for 125,000 pounds of natural uranium concentrate.

This uranium concentrate was subsequently

delivered under the terms of the aforementioned uranium concentrates supply agreement in April 2022.

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

2 unchanged sentences

are entitled to one vote per share.

Holders of common shares are entitled to receive ratably such dividends, if any, as may be declared

Holders of common shares are entitled to ratably receive such dividends, if any, as may be declared

by the board of directors, out of legally available funds.

1 unchanged sentence

of common shares are entitled to share ratably in all assets of the Company that are legally available for distribution.

As of September

As of March 31,

2022 and December 31, 2021, an unlimited number of common shares were authorized for issuance.

Private Placement

On February 16, 2021, the Company closed a non-brokered

private placement of 3,250,000 units at a price of CAD $ 0.80 per unit.

The aggregate gross proceeds raised in the private placement amounted

to CAD $ 2,600,000 (USD $ 1,950,509 in net proceeds).

Each unit consisted of one common share of Western (a “Share”) plus one

common share purchase warrant of Western (a “Warrant”).

Each warrant entitled the holder to purchase one Share at a price

of CAD $ 1.20 per Share for a period of three years following the closing date of the private placement.

A total of 3,250,000 Shares and

3,250,000 Warrants were issued in the private placement.

On March 1, 2021, the Company closed a non-brokered

private placement of 3,125,000 units at a price of CAD $ 0.80 per unit.

The aggregate gross proceeds raised in the private placement amounted

to CAD $ 2,500,000 (USD $ 1,918,797 in net proceeds).

Each unit consisted of one Share plus one Warrant.

Each warrant entitled the holder

to purchase one Share at a price of CAD $ 1.20 per Share for a period of three years following the closing date of the private placement.

A total of 3,125,000 Shares and 3,125,000 Warrants were issued in the private placement.

Private Placements

On January 20, 2022, the Company closed a non-brokered private placement

of 2,495,575 units at a price of CAD $ 1.60 per unit.

The aggregate gross proceeds raised in the private placement amounted to CAD $ 3,992,920

(USD $ 3,011,878 in net proceeds).

Each unit consisted of one common share of Western (a “Share”) plus one common share purchase

warrant of Western (a “Warrant”).

Each Warrant entitled the holder to purchase one Share at a price of CAD $ 2.50 per Share

for a period of three years following the closing date of the private placement.

A total of 2,495,575 Shares and 2,495,575 Warrants were

issued in the private placement.

Warrant Exercises

During the nine months ended September 30, 2021,

an aggregate of 1,762,570 warrants were exercised for total gross proceeds of $ 1,650,031 .

During the three months ended March 31, 2022, an aggregate of 268,204

warrants were exercised for total gross proceeds of $ 341,850 .

WESTERN URANIUM & VANADIUM CORP.

2 unchanged sentences

(Stated in USD)

NOTE 7 - SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Incentive Stock Option Plan

The Company maintains an Incentive Stock Option

Plan (the “Plan”) that permits the granting of stock options as incentive compensation.

Shareholders of the Company approved

the Plan on June 30, 2008 and amendments to the Plan on June 20, 2013, and the Board of Directors approved additional changes to the Plan

on September 12, 2015.

The Company maintains an Incentive Stock Option Plan (the “Plan”)

that permits the granting of stock options as incentive compensation.

Shareholders of the Company approved the Plan on June 30, 2008 and

amendments to the Plan on June 20, 2013.

The board of directors approved additional changes to the Plan on September 12, 2015 and as of

October 1, 2021.

The purpose of the Plan is to attract, retain,

4 unchanged sentences

options are granted.

As of September 30, 2021, a total of 38,221,317 common shares were outstanding, and at that date the maximum number

of stock options eligible for issue under the Plan was 3,822,132 .

As of March 31, 2022, a total of 41,836,901 common shares were outstanding, and at that date the maximum number of

stock options eligible for issue under the Plan was 4,183,690 .

Stock Options

Number of Shares

On February 10, 2022, the Company granted options

under the Plan for the purchase of an aggregate of 900,000 common shares to five individuals consisting of directors and officers of the

The options have a five year term, an exercise price of CAD $ 1.76 (US $ 1.41 as of March 31, 2022) and vest equally in thirds

commencing initially on the date of grant and thereafter on April 1, 2022, and July 1, 2022.

The Company utilized the Black-Scholes option

pricing model to determine the fair value of these stock options, using the assumptions as outlined below.

Exercise Price

Average Grant

Date Fair Value

Intrinsic Value

Outstanding – January 1, 2021

Outstanding – September 30, 2021

Exercisable – September 30, 2021

The Company’s stock-based compensation expense

related to stock options for the three months ended September 30, 2021 and 2020 was $ 0 and $ 0 , respectively, and for the nine months ended

September 30, 2021 and 2020 was $ 0 and $ 204,808 , respectively, which is included in general and administrative expenses on the Company’s

unaudited condensed consolidated statements of operations and comprehensive loss.

As of September 30, 2021, the Company had $ 0 in unamortized

stock option expense.

Number of Options Granted

Dividend Yield

Expected Volatility

Weighted Average Risk-Free Interest Rate

Expected life (in years)

Exercise Price

Intrinsic Value

Outstanding – January 1, 2022

( 2,595,789 )

( 1,762,570 )

Outstanding –September 30, 2021

Exercisable –September 30, 2021

8 - Mining Expenditures

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Total mining expenses

Outstanding – March 31, 2022

Exercisable – March 31, 2022

The Company’s stock-based compensation expense related to stock

options for the three months ended March 31, 2022 and 2020 was $ 495,120 and $ 0 , respectively, which is included in general and administrative

expenses on the Company’s condensed consolidated statements of operations and comprehensive loss.

As of March 31, 2022 and December

31, 2021, the Company had $ 251,074 and $ 0 in unamortized stock option expense, respectively.

WESTERN URANIUM & VANADIUM CORP.

2 unchanged sentences

(Stated in USD)

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Exercise Price

Outstanding - January 1, 2022

Outstanding – March31, 2022

Exercisable – March31, 2022

8 – Mining Expenditures

For the Three Months

Ended March 31,

9 – Related Party Transactions AND BALANCES

2 unchanged sentences

Prior to the acquisition of Black Range, Mr.

Glasier, the Company’s CEO, who is also a director (“Seller”), transferred his interest in a former joint venture with

Ablation Technologies, LLC to Black Range.

In connection with the transfer, Black Range issued 25 million shares of Black Range common

stock to Seller and committed to pay AUD $500,000 (USD $360,720 as of September 30, 2021) to Seller within 60 days of the first commercial

application of the kinetic separation technology.

Western assumed this contingent payment obligation in connection with the acquisition

of Black Range.

At the date of the acquisition of Black Range, this contingent obligation was determined to be probable.

Since the deferred

contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration

as an assumed liability in the amount of $ 360,720 and $ 392,086 as of September 30, 2021 and December 31, 2020, respectively.

George Glasier, the Company’s

CEO, who is also a director (“Seller”), transferred his interest in a former joint venture with Ablation Technologies, LLC

to Black Range.

In connection with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed

to pay AUD $500,000 (USD $374,499 as of March 31, 2022) to Seller within 60 days of the first commercial application of the kinetic separation

Western assumed this contingent payment obligation in connection with the acquisition of Black Range.

At the date of the acquisition

of Black Range, this contingent obligation was determined to be probable.

Since the deferred contingent consideration obligation is probable

and the amount is estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $ 374,499

and $ 362,794 as of March 31, 2022 and December 31, 2021, respectively.

The Company also owed Mr.

Glasier reimbursable expenses in the amount

of $ 21,000 and $ 65,753 as of March 31, 2022 and December 31, 2021, respectively.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL

(Stated in USD)

10 – COVID-19

During 2020 and continuing into 2021, the world

has been, and continues to be, impacted by the novel coronavirus (“COVID-19”) pandemic.

COVID-19, and measures to prevent

its spread, impacted our business in a number of ways.

The impact of these disruptions and the extent of their adverse impact on the Company’s

financial and operating results will be dictated by the length of time that such disruptions continue, which will, in turn, depend on

the currently unpredictable duration and severity of the impacts of COVID-19, and among other things, the impact of governmental actions

imposed in response to COVID-19 and individuals’ and companies’ risk tolerance regarding health matters going forward and

developing strain mutations.

To date, COVID-19 has primarily caused Western delays in reporting, regulatory matters, and operations.

notably, the Company initiated a request for Temporary Cessation status for the Sunday Mine Complex in August 2020 as the mines had not

been restarted within the 180-day window due to the direct and indirect impacts of the COVID-19 pandemic.

The Van 4 Mine reclamation process

was also delayed because of the COVID-19 pandemic.

The Company is monitoring COVID-19’s potential impact on the Company’s

The world has been, and continues to be, impacted by the COVID-19 pandemic.

COVID-19, and measures to prevent its spread, impacted our business in a number of ways.

The impact of these disruptions and the extent

of their adverse impact on the Company’s financial and operating results will be dictated by the length of time that such disruptions

continue, which will, in turn, depend on the currently unpredictable duration and severity of the impacts of COVID-19, and among other

things, the impact of governmental actions imposed in response to COVID-19 and individuals’ and companies’ risk tolerance

regarding health matters going forward and developing strain mutations.

To date, COVID-19 has primarily caused Western delays in reporting,

regulatory matters, and operations.

Most notably, the Company initiated a request for Temporary Cessation status for the Sunday Mine Complex

in August 2020 as the mines had not been restarted within the 180-day window due to the direct and indirect impacts of the COVID-19 pandemic.

The Van 4 Mine reclamation process was delayed because of COVID-19 pandemic lockdowns.

The need to observe quarantine periods also caused

a limited loss of manpower and delay to the 2021/2022 Sunday Mine Complex project.

The COVID-19 pandemic has limited and continues to

limit Western’s participation in industry and investor conference events.

The Company is continuing to monitor COVID-19 and its

subvariants and the potential impact of the pandemic on the Company’s operations.

NOTE 11 – SUBSEQUENT EVENTS

On October 1, 2021, the Company amended its Incentive

Stock Option Plan to allow for the cashless exercise of stock options, among other things.

Subsequent to September 30, 2021 through November

22, 2021, the Company issued 174,716 shares of common stock pursuant to the cashless exercise of stock options.

Subsequent to September 30, 2021 through November 22, 2021, the Company

Exercise of Warrants

Subsequent to March 31, 2022 and through May 19, 2022, the Company

received CAD $ 2,598,860 and issued 1,477,743 shares of common stock pursuant to the exercise of warrants.

Sale of Prepaid Uranium Concentrate Inventory

In May 2022 prior to the release of March 31,

2022 financial reporting, the Company received $ 7,130,000 related to the sale of its prepaid uranium concentrate inventory in connection

with its supply contract.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements