What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-14 compared with 2024-08-14 · 270 added, 163 removed, 654 unchanged (40% of the section changed)

4 unchanged sentences

(Stated in USD)

September 30,

Current assets:

18 unchanged sentences

Shareholders’ Equity

Common shares, no par value, unlimited authorized shares, 55,223,419 and 50,002,395 shares issued as of June 30, 2024 and December 31, 2023, respectively, and 55,223,113 and 50,002,089 shares outstanding as of June 30, 2024 and December 31, 2023, respectively

Treasury shares, 306 shares held in treasury as of June 30, 2024 and December 31, 2023

Common shares, no par value, unlimited authorized shares, 55,223,419 and 50,002,395 shares issued as of September 30, 2024 and December 31, 2023, respectively, and 55,223,113 and 50,002,089 shares outstanding as of September 30, 2024 and December 31, 2023, respectively

Treasury shares, 306 shares held in treasury as of September 30, 2024 and December 31, 2023

Accumulated deficit

4 unchanged sentences

Total liabilities and shareholders’ equity

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

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

OPERATIONS AND OTHER COMPREHENSIVE LOSS

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Mining expenditures

23 unchanged sentences

Weighted average shares outstanding - basic and diluted

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

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN

SHAREHOLDERS’ EQUITY

(Stated in USD)

1 unchanged sentence

Treasury Shares

Accumulated Other Comprehensive

Comprehensive

Balance as of January 1, 2024

16 unchanged sentences

$ ( 278,888 )

Foreign currency translation adjustment

Stock-based compensation - stock options

( 2,241,170 )

Balance as of September 30, 2024

$ ( 26,161,437 )

$ ( 264,870 )

Balance as of January 1, 2023

8 unchanged sentences

$ ( 254,818 )

Foreign exchange gain

Foreign currency translation adjustment

Stock based compensation - stock options

4 unchanged sentences

$ ( 202,942 )

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

Foreign currency translation adjustment

Proceeds from the exercise of warrants

( 1,060,042 )

Balance as of September 30, 2023

$ ( 17,115,495 )

$ ( 246,416 )

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in USD)

For the Six Months Ended

For the Nine Months Ended

September 30,

Cash Flows Used In Operating Activities:

2 unchanged sentences

Reconciliation of net loss to cash used in operating activities:

Loss on the sale of equipment

Accretion of reclamation liability

4 unchanged sentences

Accounts payable and accrued liabilities

Reclamation Liability

Deferred revenue

7 unchanged sentences

( 1,874,183 )

Proceeds from sale of equipment

Net cash used in investing activities

7 unchanged sentences

( 2,509,634 )

( 3,871,125 )

Cash and cash equivalents and restricted cash - beginning

6 unchanged sentences

Cash paid during the period for:

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

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

42 unchanged sentences

2 – Liquidity and going concern

With the exception of the quarter ended June 30, 2022, the Company

has incurred losses from its operations.

During the three and six months ended June 30, 2024, the Company generated a net loss of $ 2,625,522

and $ 5,102,410 , respectively.

The Company expects to generate operating losses for the foreseeable future as it incurs expenses to bring

its mineral processing facility online and further expand mining operations.

As of June 30, 2024, the Company had an accumulated deficit

of $ 23,920,267 and working capital of $ 8,262,219 .

With the exception of the quarter ended June

30, 2022, the Company has incurred losses from its operations.

During the three and nine months ended September 30, 2024, the Company

generated a net loss of $ 2,241,170 and $ 7,343,580 , respectively.

The Company expects to generate operating losses for the foreseeable

future as it incurs expenses to bring its mineral processing facilities online and further expand mining operations.

As of September

30, 2024, the Company had an accumulated deficit of $ 26,161,437 and working capital of $ 6,174,805 .

Since inception, the Company has met its liquidity

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

During the six months ended June 30, 2024,

During the nine months ended September 30,

2024, the Company received $ 4,605,458 in proceeds from the exercise of its common share warrants.

10 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

25 unchanged sentences

SEC on April 16, 2024.

The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended June 30,

The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended September

30, 2024 notwithstanding its foreign private issuer status.

Operating results for the three and six months ended June 30, 2024 are not necessarily

indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2024.

Operating results for the three and nine months ended September 30, 2024

are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2024.

The accompanying condensed interim consolidated

financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp.

(Utah), PRM, Black Range,

Black Range 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., Black Range

Development Utah LLC and Maverick Strategic Minerals Corp.

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

financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corporation (Utah), PRM, Black

Range, Black Range 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., Black

Range Development Utah LLC and Maverick Strategic Minerals Corp.

All inter-company transactions and balances have been eliminated upon

consolidation.

The Company reports operating and financial results

11 unchanged sentences

In accordance with U.S.

GAAP, expenditures relating

to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed

as incurred until such time the Company exits the exploration stage by establishing proven or probable reserves.

Expenditures relating

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, 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

GAAP, expenditures relating to the acquisition

of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed as incurred until

such time the Company exits the exploration stage by establishing proven or probable reserves.

Expenditures relating to exploration activities,

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

Expenditures 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 production while

the Company is in the exploration stage and while the mined material is stockpiled underground are expensed as incurred.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

64 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

5 unchanged sentences

with an original maturity of three months or less at the time of issuance to be cash equivalents.

There were no cash equivalents at June

There were no cash equivalents at September

30, 2024 and December 31, 2023.

4 unchanged sentences

gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred.

Effective September

30, 2024 the Company’s sole marketable security was fully impaired and written off.

Restricted Cash

5 unchanged sentences

of the Company’s mines.

As of June 30, 2024 and December 31, 2023, the Company has determined that the Van 4 Mine is considered

As of September 30, 2024 and December 31, 2023, the Company has determined that the Van 4 Mine is considered

to be in reclamation.

32 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

18 unchanged sentences

The fair value of the Company’s financial

instruments are as follows:

instruments are as follows (the Company had no marketable securities as of September 30, 2024):

Quoted Prices in

1 unchanged sentence

Identical Assets or

Quoted Prices

Quoted Prices for Similar

Assets or Liabilities in

Active Markets

Marketable securities as of June 30, 2024

Marketable securities as of December 31, 2023

14 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

9 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 net loss per share for each of the three and six months ended June 30, 2024 and 2023 is the same for both basic and

fully diluted.

The computation of net loss per share for each of the three and nine months ended September 30, 2024 and 2023 is the same for both basic

and fully diluted.

Potentially dilutive securities outlined in the

1 unchanged sentence

anti-dilutive.

For the Three Months Ended

For the Six Months Ended

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Warrants to purchase common shares

18 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

1 unchanged sentence

(Stated in USD)

4 – Property, plant & equipment

and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY

The Company’s mining properties acquired on August 18, 2014 that the Company retains as of June 30, 2024 include:

San Rafael Uranium Project located in Emery County, Utah;

4 - Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY

The Company’s mining properties acquired on August 18, 2014 that the Company retains as of September 30, 2024 include:

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

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

Van 4 Mine located in western Montrose County, Colorado;

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

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

3 unchanged sentences

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of June 30, 2024 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 Wyoming.

on September 16, 2015 that the Company retains as of September 30, 2024 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,

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

5 unchanged sentences

Useful Lives As of

September 30,

Mineral properties N/A $ 11,688,841 $ 11,688,841

9 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

1 unchanged sentence

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT

AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

4 - PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

Property, plant & equipment and mineral

properties, net

During the six months ended June 30, 2024 and

2023, Western made purchases of $ 1,030,011 and $ 1,718,751 , which principally consisted of mining equipment and vehicles to increase mining

For the three months ended June 30, 2024 and 2023, depreciation expense was $ 151,047 and $ 53,719 , and for the six months ended

June 30, 2024 and 2023, depreciation expense was $ 264,366 and $ 97,337 , respectively, which was included in mining expenditures on the

Company’s condensed interim consolidated statements of operations and other comprehensive loss.

During the nine months ended September 30,

2024 and 2023, Western made purchases of $ 1,182,935 and $ 1,874,183 , which principally consisted of mining equipment and vehicles to

increase mining capacity.

For the three months ended September 30, 2024 and 2023, depreciation expense was $ 168,782 and $ 65,886 , and

for the nine months ended September 30, 2024 and 2023, depreciation expense was $ 433,148 and $ 163,223 , respectively, which was

included in mining expenditures on the Company’s condensed interim consolidated statements of operations and other

comprehensive loss.

Oil and Gas Lease and Easement

In 2017, the Company entered into an oil and

gas lease that became effective with respect to minerals and mineral rights owned by the Company of approximately 160 surface acres of

gas lease that became effective with respect to minerals and mineral rights owned by the Company on approximately 160 surface acres of

the Company’s property in Colorado.

13 unchanged sentences

long as oil and/or gas are produced from the pooled unit containing these sixteen (16) wells.

For the three months ended June 30, 2024 and

2023, the Company recognized aggregate revenue of $ 39,781 and $ 102,789 , respectively, and for the six months ended June 30, 2024 and

2023, the Company recognized aggregate revenue of $ 94,054 and $ 268,764 , respectively, under these oil and gas lease arrangements.

For the three months ended September 30, 2024

and 2023, the Company recognized aggregate revenue of $ 52,981 and $ 89,144 , respectively, and for the nine months ended September 30,

2024 and 2023, the Company recognized aggregate revenue of $ 147,035 and $ 357,908 , respectively, under these oil and gas lease arrangements.

Reclamation Liabilities

6 unchanged sentences

costs in connection with the mineral properties.

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

be $ 751,517 and $ 751,444 as of June 30, 2024 and December 31, 2023, respectively.

The portion of the reclamation liability related to

the Van 4 Mine, which is in reclamation as of June 30, 2024, and its related restricted cash are included in current liabilities and

current assets, respectively, at a value of $ 75,057 .

During the six months ended June 30, 2024, the Company’s internal mining operations

team has been performing the reclamation work, and the State of Colorado has not yet reduced the reclamation liability amount.

In connection with the Company’s San Rafael Mine, during the three months ended

September 30, 2024, the Company incurred an additional gross and discounted reclamation liability of $ 61,403 and $ 12,154 , respectively.

The Company determined the gross reclamation liabilities of the mineral properties to be $ 812,027 and $ 751,444 as of September 30, 2024

and December 31, 2023, respectively.

The portion of the reclamation liability related to the Van 4 Mine, which is in reclamation as of

September 30, 2024, and its related restricted cash are included in current liabilities and current assets, respectively, at a value

of $ 75,057 .

During the nine months ended September 30, 2024, the Company’s internal mining operations team has been performing

the Van 4 Mine reclamation work, and the State of Colorado has not yet reduced the associated reclamation liability amount.

expects to begin incurring the reclamation liability after 2054 for all mines that are not in reclamation and accordingly, has discounted

the gross liabilities over their remaining lives using a discount rate of 5.4 %.

The net discounted aggregated values as of June 30, 2024

The net discounted aggregated values as of September

30, 2024 and December 31, 2023 were $ 262,880 and $ 241,562 , respectively.

The gross reclamation liabilities as of June 30, 2024 and December 31,

2023 are secured by financial warranties in the amount of $ 751,517 and $ 751,444 , respectively.

The gross reclamation liabilities as of September 30, 2024 and

December 31, 2023 are secured by financial warranties in the amount of $ 812,027 and $ 751,444 , respectively.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

1 unchanged sentence

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT

AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

4 - PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

Reclamation Liabilities, continued

Reclamation liability activity for the six months ended June 30, 2024

and 2023 consists of:

For the Six Months Ended

Reclamation liability activity consists of:

For the Nine Months Ended

September 30,

Beginning balance at January 1

Ending Balance at June 30

Adjustment to reclamation liability

Ending Balance at September 30

Reclamation liability, current portion

18 unchanged sentences

The Company has been working toward the completion

of an updated Topaz Mine Plan of Operations (“Topaz Mine Plan”), which is a separate federal requirement of the Bureau of

Land Management (“BLM”) for the conduct of mining activities on the federal land at the Topaz Mine.

of an updated Topaz Mine Plan of Operations (“Topaz Mine Plan”), which is a separate federal requirement of the U.S.

of Land Management (“BLM”) for the conduct of mining activities on the federal land at the Topaz Mine.

This is a prerequisite

12 unchanged sentences

best means and timing to resubmit its application.

San Rafael Permitting Status

The San Rafael Uranium Project, located in Emery County, Utah, is being

developed as the Company's second production facility.

During the second quarter 2024, Western submitted a Notice of Intent to the BLM

that was approved for a mineral and groundwater exploration project.

During the third quarter of 2024, Utah’s Division

of Oil, Gas & Mining gave its approval of the exploration permit application and the Company posted a $ 60,300 Financial Guarantee

of reclamation costs with the BLM.

Following the completion of repairs to access roads, the phase 1 drilling program is set to begin in

Initially, groundwater monitoring wells will be installed at five drilling locations, reaching depths of approximately 1,000 feet.

During the borehole completion process, mineralization will also be assessed and confirmed against historical drill data.

will provide the baseline data needed for permitting application submission.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

1 unchanged sentence

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT

AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

4 - PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY, continued

Kinetic Separation Intellectual Property

26 unchanged sentences

any patented portion of the Kinetic Separation technology that enters the public domain subsequent to the patent expiration.

The Company anticipates Kinetic Separation will

improve the efficiency of the mining and processing of the sandstone-hosted ore from Western’s conventional mines through the separation

of waste from mineral bearing-ore, potentially reducing transportation, mill processing, and mill tailings costs.

Kinetic Separation

is not currently in use or being applied at any Company mines.

The Company views Kinetic Separation as a cost saving technology, which

it will seek to incorporate into ore production subsequent to commencing scaled production levels.

There are also alternative applications,

which the Company has explored.

The Company anticipates Kinetic Separation will improve the efficiency

of the mining and processing of the sandstone-hosted mined material from Western’s conventional mines through the separation of

waste from mineral bearing-ore, potentially reducing transportation, mill processing, and mill tailings costs.

Kinetic Separation is not

currently in use or being applied at any Company mines.

The Company views Kinetic Separation as a cost saving technology, which it will

seek to incorporate subsequent to commencing scaled production levels.

There are also alternative applications, which the Company has

NOTE 5 - Accounts Payable

and Accrued Liabilities

payable and accrued liabilities consisted of:

payable and accrued liabilities consist of:

September 30,

Trade accounts payable

2 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

9 unchanged sentences

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

As of June 30,

As of September

30, 2024 and December 31, 2023, an unlimited number of common shares were authorized for issuance.

Warrant Exercises

During the three and six months ended June 30,

During the three and nine months ended September

30, 2024, an aggregate of 0 and 5,198,540 warrants were exercised for total proceeds of $ 0 and $ 4,605,458 (CAD $ 6,238,248 ), respectively.

There were no warrant exercises during the three and six months ended June 30, 2023.

During the three and nine months ended September

30, 2023, an aggregate of 656,000 warrants were exercised for total gross proceeds of $ 551,629 .

Incentive Stock Option Plan

4 unchanged sentences

a proprietary interest in the Company and benefit from its growth.

The Plan provides that the aggregate number of

common shares for which stock options may be granted will not exceed 10 % of the issued and outstanding common shares at the time stock

options are granted.

As of June 30, 2024, a total of 55,223,113 common shares were outstanding.

As of June 30, 2024, the maximum number

of stock options eligible to be issued under the Plan would be 5,522,311 , and net of 4,548,334 options outstanding as of June 30, 2024,

there remain 973,977 stock options available to be issued under the Plan.

The Plan provides that the aggregate number of common shares for which

stock options may be granted will not exceed 10 % of the issued and outstanding common shares at the time stock options are granted.

of September 30, 2024, a total of 55,223,113 common shares were outstanding.

As of September 30, 2024, the maximum number of stock options

eligible to be issued under the Plan would be 5,522,311 and net of 4,473,334 options outstanding as of September 30, 2024, there remain

1,048,977 stock options available to be issued under the Plan.

Shareholder Rights Plan

9 unchanged sentences

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

3 unchanged sentences

Stock Options

During the six-months ended June 30, 2024, the

Company issued 22,484 shares of common stock pursuant to the cashless exercise of 41,666 stock options with an exercise price

of $ 0.79 (CAD $ 1.03 ).

During the nine months ended September 30, 2024, the Company issued 22,484

shares of common stock pursuant to the cashless exercise of 41,666 stock options with an exercise price of $ 0.79 (CAD $ 1.03 ).

During the nine months ended September 30, 2024, the Company granted

a stock option to a director for the purchase of 100,000 shares of common stock with a weighted average grant date fair value of $ 0.80

The Company utilized the Black-Scholes option pricing model to determine

the fair value of this grant, using the assumptions as outlined below:

For the Nine Months

September 30,

Exercise price

Dividend yield

Expected volatility

79.1 % - 88.0

Weighted average risk-free interest rate

Expected life (in years)

There were no stock options granted during the nine months ended September

Shares Weighted

Price Weighted

Exercise Price Weighted

Contractual Life

1 unchanged sentence

Outstanding – January 1, 2024 4,917,666 $ 1.22 3.85 $ 214,875

Expired ( 327,666 ) 1.66

Granted 100,000 1.47

Forfeited and expired ( 502,666 ) 1.50

Exercised ( 41,666 ) 0.79

Outstanding – June 30, 2024 4,548,334 $ 1.19 3.64 $ 882,791

Exercisable – June 30, 2024 3,531,662 $ 1.18 3.15 $ 704,603

There were no stock options granted during the

six months ended June 30, 2024.

Outstanding – September 30, 2024 4,473,334 $ 1.19 3.40 $ 1,057,764

Exercisable – September 30, 2024 3,948,326 $ 1.19 3.14 $ 952,300

The Company’s stock-based compensation

expense related to stock options for the three months ended June 30, 2024 was $ 228,135 , of which $ 63,579 and $ 164,556 was included in

mining expenditures and general and administrative expenses, respectively, on the Company’s condensed interim consolidated statements

of operations and other comprehensive loss.

The Company’s stock-based compensation expense related to stock options for the three

months ended June 30, 2023 was $ 98,158 , of which $ 16,087 and $ 82,071 was included in mining expenditures and general and administrative

expenses, respectively, on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense related to stock options for the six months ended June 30, 2024 was $ 744,650 , of

which $ 207,525 and $ 537,125 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s

condensed interim consolidated statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense

related to stock options for the six months ended June 30, 2023 was $ 350,900 , of which $ 57,417 and $ 293,483 was included in mining expenditures

expense (net of effect of forfeitures) related to stock options for the three months ended September 30, 2024 was $ 149,038 of which ($ 3,918 )

and $ 152,956 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s condensed

interim consolidated statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense related

to stock options for the three months ended September 30, 2023 was $ 0 .

The Company’s stock-based compensation expense related to

stock options for the nine months ended September 30, 2024 was $ 893,688 , of which $ 203,607 and $ 690,081 was included in mining expenditures

and general and administrative expenses, respectively, on the Company’s condensed interim consolidated statements of operations

and other comprehensive loss.

As of June 30, 2024, there was approximately $ 248,568 of unrecognized share-based compensation for unvested

stock option grants, which is expected to be recognized over a weighted average period of 0.34 years.

Shares Weighted

Price Weighted

The Company’s stock-based compensation expense related to stock options for the nine months ended

September 30, 2023 was $ 350,900 , of which $ 57,417 and $ 293,483 was included in mining expenditures and general and administrative expenses,

respectively, on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.

As of September

30, 2024, there was approximately $ 130,928 of unrecognized share-based compensation for unvested stock option grants, which is expected

to be recognized over a weighted average period of 0.34 years.

Shares Weighted Average

Exercise Price Weighted Average

Contractual Life

3 unchanged sentences

Expired/Forfeited ( 27,260 ) 0.88

Outstanding – June 30, 2024 5,578,739 $ 1.61 1.90 $ -

Exercisable – June 30, 2024 5,578,739 $ 1.61 1.90 $ -

Outstanding – September 30, 2024 5,578,739 $ 1.61 1.65 $ 38,090

Exercisable – September 30, 2024 5,578,739 $ 1.61 1.65 $ 38,090

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

3 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Labor and related benefits

1 unchanged sentence

Joint Venture

During February 2024, PRM entered into a joint venture agreement with

Rimrock Exploration and Development Inc.

(“Rimrock”) to explore, develop and mine (the “Mining Operations”) certain

uranium and vanadium permitted mines and mining claims located in Colorado and owned by Rimrock (the “JV”).

Pursuant to the

terms of the JV, Rimrock will contribute certain assets into the JV and PRM will contribute $ 200,000 (the “Initial Contribution”)

to be used to fund the Mining Operations.

During February 2024, PRM entered into a joint

venture agreement with Rimrock Exploration and Development Inc.

(“Rimrock”) to explore, develop and mine (the “Mining

Operations”) certain uranium and vanadium permitted mines and mining claims located in Colorado and owned by Rimrock (the “JV”).

Pursuant to the terms of the JV, Rimrock will contribute certain assets into the JV and PRM will contribute $ 200,000 (the “Initial

Contribution”) to be used to fund the Mining Operations.

Thereafter, each party will own a 50 % interest in the assets of the JV.

During the initial phase

of the JV, Rimrock will be the operator and the permits and licenses for the operator will remain in the name of Rimrock.

The JV intends

to sell the mined material to the Company under terms to be determined.

During the term of the JV, PRM will pay the costs of the Mining

Operations and will be entitled to recover 50 % of such costs subsequent to the contribution of the full amount of the Initial Contribution.

During the initial phase of the JV, Rimrock will be the operator and the permits and licenses for the operator will remain in the name

The JV intends to sell the mined material to the Company under terms to be determined.

During the term of the JV, PRM will

pay the costs of the Mining Operations and will be entitled to recover 50 % of such costs subsequent to the contribution of the full amount

of the Initial Contribution.

The JV will fund the recovery payments to be made to PRM from the proceeds of the sale of mined material.

During the three and six months

ended June 30, 2024, PRM funded approximately $ 128,549 and $ 178,549 to the JV, respectively, which was expensed to mining expenditures

within the condensed interim consolidated statements of operations and other comprehensive loss and reflected within mining cost in the

During the three and nine months ended September 30, 2024, PRM funded $ 55,643 and $ 234,192 to the JV, respectively, which was expensed

to mining expenditures within the condensed interim consolidated statements of operations and other comprehensive loss and reflected within

mining cost in the table above.

The Company has completed its earn-in through the Initial Contribution and now owns a 50 % interest in

the assets of the JV.

8 - Related Party Transactions AND BALANCES

11 unchanged sentences

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

liability in the amount of $ 334,650 and $ 340,650 as of June 30, 2024 and December 31, 2023, respectively.

liability in the amount of $ 346,820 and $ 340,650 as of September 30, 2024 and December 31, 2023, respectively.

The Company has multiple lease arrangements with

3 unchanged sentences

The Company incurred rent expense of $ 26,325

and $ 17,925 in connection with these arrangements for the three months ended June 30, 2024 and 2023, respectively.

and $ 17,925 in connection with these arrangements for the three months ended September 30, 2024 and 2023, respectively.

The Company incurred

rent expense of $ 49,850 and $ 35,850 in connection with these arrangements for the six months ended June 30, 2024 and 2023, respectively.

rent expense of $ 76,175 and $ 53,775 in connection with these arrangements for the nine months ended September 30, 2024 and 2023, respectively.

The Company is obligated to pay Mr.

reimbursable expenses in the amount of $ 19,656 and $ 50,010 , included within accounts payable and accrued liabilities, as of June 30,

reimbursable expenses in the amount of $ 23,832 and $ 50,010 , included within accounts payable and accrued liabilities, as of September

30, 2024 and December 31, 2023, respectively.

During the three months ended June 30, 2024,

the Company purchased approximately $ 9,000 of mining related equipment from Silver Hawk Ltd.

During the nine months ended September 30, 2024 and 2023, the Company

purchased approximately $ 9,000 and $ 25,800 of mining related equipment from Silver Hawk Ltd, respectively.

See Note 9 - Subsequent Events.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 9 – Subsequent events

Purchase of Colorado Mill Site

On October 1, 2024, Western, through its wholly owned subsidiary, Western

Uranium Corporation, executed a binding Stock Purchase Agreement (the “PRC Agreement”) to purchase 100 % of the shares of Pinon

Ridge Corporation, a Colorado corporation (“PRC”), from a private investor group and thereby acquire Pinion Ridge Resources

Corporation (“PRRC”), which is a wholly owned subsidiary of PRC.

PRRC owns an approximately 900 -acre property located in Montrose

County, Colorado, where a uranium processing mill was previously licensed but never constructed.

While the mill was never constructed,

it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting the permitting process.

The acquisition becomes the second property package that Western has acquired, in addition to the Maverick Minerals Processing Plant site

in Utah, and is part of Western’s plans for developing and licensing one or more uranium and vanadium processing facilities to process

production from its resource properties in Colorado and Utah.

Pursuant to the PRC Agreement, the former PRC

shareholders were paid $ 829,167 for their PRC equity and shareholder loan repayments.

As of October 3, 2024, Western has completed all

such payments and the transaction has closed.

After closing, a creditor holding a security interest against PRRC was paid a total of $ 1,148,125

to pay off an outstanding promissory note.

Western also assumed certain PRC liabilities and obligations in the transaction, including

royalty obligations payable to an unrelated third party based upon the mineral volume processed through any mineral processing plant that

is located on the property.

The transaction will be accounted for as a purchase

George Glasier, the President, CEO and a director

of Western, and his wife Kathleen owned 50 % of the shares of PRC, and Andrew Wilder, a director of Western, indirectly owned 3 % of the

shares of PRC, and so the transaction was considered a related party transaction.

The Company’s Board of Directors established

an independent committee of the Board comprised of directors who were not considered to have an interest in the transaction, and the

independent committee oversaw the negotiation and approved the entering into the Agreement on behalf of the Company.

Of the total cash

paid to the sellers, approximately $ 414,000 was paid to George Glasier and approximately $ 24,000 was paid to an affiliate of Andrew Wilder.

November 2024 Private Placement

On November 8, 2024, the Company announced a private placement of up

to 4,166,666 units at a price of CAD $ 1.32 per unit, which if fully subscribed would result in aggregate gross proceeds of up to approximately

CAD $ 5,500,000 , subject to a 15 % discretionary overallotment increase.

Each unit is comprised of one common share of Western and one common

share purchase warrant.

Each warrant is exercisable into one common share at a price of CAD $1.78 per share for a period of four years

following the closing date of the private placement.

This private placement is expected to close on November 15, 2024.

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