What changed in this filing

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Item 1. Financial Statements

2025-05-13 compared with 2024-11-14 · 349 added, 607 removed, 317 unchanged (75% of the section changed)

4 unchanged sentences

(Stated in USD)

September 30,

Current assets:

2 unchanged sentences

Prepaid expenses

Marketable securities

Other current assets

6 unchanged sentences

Accounts payable and accrued liabilities

Reclamation liability, current portion

Asset retirement obligations, current portion

Total current liabilities

Reclamation liability, net of current portion

Asset retirement obligations, net of current portion

Deferred tax liability

1 unchanged sentence

Total liabilities

Commitments and Contingencies (Note 4)

Shareholders’ Equity

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

Common shares, no par value, unlimited authorized shares, 59,386,852 and 59,383,002 shares issued as of March 31, 2025 and December 31, 2024, respectively, and 59,386,546 and 59,382,696 shares outstanding as of March 31, 2025 and December 31, 2024, respectively

Treasury shares, 306 shares held in treasury as of March 31, 2025 and December 31, 2024

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

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Mining expenditures

6 unchanged sentences

( 2,526,967 )

( 7,540,784 )

( 3,371,211 )

Accretion and interest income, net

Other income, net

( 2,241,170 )

( 1,060,042 )

Interest income, net

( 2,637,615 )

5 unchanged sentences

$ ( 2,619,247 )

$ ( 7,534,441 )

$ ( 3,225,516 )

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 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’

(Stated in USD)

1 unchanged sentence

Treasury Shares

Accumulated Other

Comprehensive

1 unchanged sentence

$ ( 28,929,894 )

Foreign currency translation adjustment

Proceeds from the exercise of warrants

Stock-based compensation - stock options

Cashless exercise of stock options

$ ( 233,871 )

( 2,476,888 )

Balance as of March 31, 2024

$ ( 21,294,745 )

$ ( 216,368 )

Foreign currency translation adjustment

Cashless exercise of stock options

Stock based compensation - stock options

( 2,625,522 )

Balance as of June 30, 2024

$ ( 23,920,267 )

$ ( 278,888 )

Foreign currency translation adjustment

Stock-based compensation - stock options

( 2,637,615 )

Balance as of September 30, 2024

Balance as of March 31, 2025

$ ( 31,567,509 )

2 unchanged sentences

$ ( 18,817,857 )

$ ( 261,132 )

Foreign currency translation adjustment

Stock-based compensation - stock options

( 1,103,531 )

Balance as of March 31, 2023

$ ( 14,978,794 )

$ ( 254,818 )

Foreign currency translation adjustment

Proceeds from the exercise of warrants

Cashless exercise of stock options

Stock based compensation - stock options

( 1,076,659 )

Balance as of June 30, 2023

$ ( 16,055,453 )

$ ( 202,942 )

Foreign currency translation adjustment

Proceeds from the exercise of warrants

( 2,476,888 )

Balance as of September 30, 2023

Balance as of March 31, 2024

$ ( 21,294,745 )

$ ( 216,368 )

The accompanying notes are

an integral part of these unaudited condensed interim consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

2 unchanged sentences

(Stated in USD)

For the Nine Months Ended

September 30,

For the Three Months Ended

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

Accretion of asset retirement obligations

Stock-based compensation

3 unchanged sentences

Accounts payable and accrued liabilities

Reclamation Liability

Deferred revenue

Asset retirement obligations

Contingent consideration

4 unchanged sentences

Purchase of property, plant & equipment and mineral properties

( 1,182,935 )

( 1,874,183 )

Proceeds from sale of equipment

Net cash used in investing activities

( 1,178,935 )

( 1,874,183 )

Cash Flows Provided By Financing Activities

2 unchanged sentences

Effect of foreign exchange rate on cash

Net increase (decrease) in cash and cash equivalents and restricted cash

( 2,509,634 )

Net decrease in cash and cash equivalents and restricted cash

( 2,359,229 )

7 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.

13 unchanged sentences

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.

Western is a Canadian domestic issuer and Canadian reporting

Subsequent to obtaining appropriate shareholder approvals, the Company

reconstituted its Board of Directors and senior management team.

Western is a Canadian domestic issuer and Canadian reporting issuer.

The Company’s registered office is located

at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8, and its common shares are listed on the CSE under the symbol “WUC.”

at 5 Church Street, Toronto, Ontario, Canada, M5E 1M2, and its common shares are listed on the CSE under the symbol “WUC.”

On April 22, 2016, the Company’s common shares began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s

common shares were approved for trading on the OTCQX Best Market under the symbol “WSTRF”.

The Company’s principal

business activity is the acquisition and development of uranium and vanadium resource properties in the states of Utah and Colorado in

the United States of America (“United States”).

On September 16, 2015, Western completed its

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

The Company’s principal business

activity is the acquisition and development of uranium and vanadium resource properties in the states of Utah and Colorado in the United

States of America (“United States”).

On September 16, 2015, Western completed its acquisition

of Black Range Minerals Limited (“Black Range”).

Under United States Securities and Exchange Commission (“Commission”)

16 unchanged sentences

reconfirmed its qualification as a foreign private issuer.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

2 – Liquidity and going concern

1 unchanged sentence

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 .

During the three months ended March 31, 2025, the Company generated a net loss

of $ 2,637,615 .

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

processing facilities online and further expands its mining operations.

As of March 31, 2025, the Company had an accumulated deficit of

$ 31,567,509 and working capital of $ 2,554,752 .

Since inception, the Company has met its liquidity

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

During the nine months ended September 30,

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

On December 12, 2023, the Company closed

a non-brokered private placement of 5,215,828 units at a price of $ 1.02 (CAD $ 1.39 ) per unit.

The aggregate gross proceeds raised in

the private placement amounted to $ 5,324,988 (CAD $ 7,250,000 ) and net proceeds amounted to $ 4,836,867 (CAD $ 6,588,089 ).

During the year

ended December 31, 2023, the Company received $ 1,004,044 in proceeds from the exercise of its common share warrants.

requirements principally through the issuance of notes, the sale of its common shares and from limited revenue sources.

During November

2024, the Company closed a private placement of 4,142,906 units at a price of $ 0.94 (CAD $ 1.32 ) per unit.

The aggregate gross proceeds

raised in the private placement amounted to $ 3,897,166 (CAD $ 5,468,636 ) and proceeds net of issuance costs were $ 3,546,870 (CAD $ 4,975,966 ).

During year ended December 31, 2024, the Company received $ 4,605,458 (CAD $ 6,238,248 ) in proceeds from the exercise of common share warrants

to purchase 5,198,540 common shares.

The Company’s ability to continue its planned

1 unchanged sentence

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.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

2 – Liquidity and going concern, continued

kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of mineral resources to generate operating

There are no assurances that the Company will

1 unchanged sentence

to meet its current operating costs.

If the Company is unable to obtain sufficient amounts of additional capital, it may be required

to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not

be able to continue to fund its ongoing operations.

If the Company is unable to obtain sufficient amounts of additional capital, it may be required to

reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be

able to continue to fund its ongoing operations.

These conditions raise substantial doubt about the Company’s ability to continue

2 unchanged sentences

of these uncertainties.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s significant accounting policies

are disclosed in the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K

for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission (the “SEC”), on April

Except as reflected below, there were no changes to the Company’s significant accounting policies as described in the

Annual Report on Form 10-K.

Reflected in this note are updates to accounting policies, including the impact of the adoption of new policies.

Basis of Presentation and Principles of Consolidation

10 unchanged sentences

SEC on April 15, 2025.

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

The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended March 31,

2025 notwithstanding its foreign private issuer status.

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.

Operating results for the three months ended March 31, 2025 are not necessarily

indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2025.

The accompanying condensed interim consolidated

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

in a single segment based on the consolidated information used by the chief operating decision maker (“CODM”) in evaluating

the financial performance of its business and allocating resources.

This single segment reflects the Company’s core business:

critical minerals.

As the Company has one reportable segment, net loss, total assets and working capital are equal to consolidated results.

The Company has established the existence of

mineralized materials for certain uranium projects.

The Company has not established proven or probable reserves, as defined by the United

States Securities and Exchange Commission (the “SEC”), through the completion of a “final” or “bankable”

feasibility study for any of its uranium projects.

Exploration Stage and Mineral Properties

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.

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

FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, CONTINUED

Exploration Stage and Mineral Properties, continued

Production stage issuers, as defined in subpart

1300 of Regulation S-K, having engaged in material extraction of established mineral reserves on at least one material property, typically

capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable

reserves using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold,

to cost of goods sold.

The Company is an exploration stage issuer, which has resulted in the Company reporting larger losses than if

it had been in the production stage due to the expensing, instead of capitalizing, of expenditures relating to ongoing mine development

and extraction activities.

Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company

since those costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of

operations with higher gross profits and lower losses than if the Company had been in the production stage.

Any capitalized costs, such as expenditures relating

to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method.

As a result, the

Company’s condensed interim consolidated financial statements may not be directly comparable to the financial statements of companies

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.

Use of Estimates

The preparation of these condensed interim consolidated

financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount

of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported.

nature, these estimates are subject to measurement uncertainty, and the effects on the condensed interim consolidated financial statements

of changes in such estimates in future periods could be significant.

Significant areas requiring management’s estimates and assumptions

include the determination of the fair value of transactions involving common shares, assessment of the useful life and evaluation for

impairment of Kinetic Separation intellectual property, valuation and impairment assessments of mineral properties and equipment, valuation

of deferred contingent consideration, valuation of the reclamation liability and valuation of stock-based compensation.

Other areas requiring

estimates include allocations of expenditures, depletion, and amortization of mineral rights and properties.

Actual results could differ

from those estimates.

Foreign Currency Translation

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.

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

is the Canadian dollar.

The functional currencies of the subsidiaries is the United States 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.

Translation adjustments

are included in “Accumulated other comprehensive loss” in the condensed interim consolidated balance sheets.

Segment Information

The Company identifies its operating segments

in accordance with Accounting Standards Codification 280, Segment Reporting, or ASC 280.

Operating segments are defined as components

of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker,

or decision-making group, in deciding how to allocate resources and in assessing performance.

The Company’s chief operating decision

maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources.

Accordingly, the Company has determined it operates and manages its business in a single reportable operating segment.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, CONTINUED

Cash and Cash Equivalents

The Company considers all highly-liquid instruments

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

There were no cash equivalents at September

30, 2024 and December 31, 2023.

Marketable Securities

The Company classifies its marketable securities

as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized

gains and losses reported as accumulated other comprehensive (loss) income, a separate component of shareholders’ equity.

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

Certain cash balances are restricted as they

relate to deposits with banks that have been assigned to state reclamation authorities in the United States to secure various reclamation

guarantees with respect to mineral properties in Utah and Colorado.

As these funds are not available for general corporate purposes and

secure the long term reclamation liability (see Note 4), they have been separately disclosed and classified as long-term for the majority

of the Company’s mines.

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

to be in reclamation.

The Company recognized the Van 4 Mine’s reclamation liability and its restricted cash in full on the Company’s

condensed interim consolidated balance sheets as current.

Property, Plant & Equipment and Mineral Properties, Net

Property, plant and equipment is stated at cost

less accumulated depreciation.

Depreciation is calculated using the straight-line method.

Revenue Recognition

The Company leases certain of its mineral properties

for the exploration and production of oil and gas reserves.

The Company accounts for lease revenue in accordance with the Financial Accounting

Standards Board (“FASB”) 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 based upon production.

Fair Values of Financial Instruments

The carrying amounts of cash and cash equivalents,

restricted cash – current portion, 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 operating and financing activities are conducted primarily in Canadian dollars, and

as a result, the Company is subject to exposure to market risks from changes in foreign currency rates.

The carrying amount of restricted

cash – net of current portion, approximates fair value as the accounts earn interest at market 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.

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).

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

Fair Values of Financial Instruments, continued

Fair value is defined as an exit price, representing

the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market

participants.

Fair value is a market-based measurement that is determined based on assumptions that market participants would use in

pricing an asset or liability.

A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Level 1 - Quoted prices in active markets for

identical assets or liabilities.

Level 2 - Quoted prices for similar assets or

liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other

inputs that are observable, either directly or indirectly.

Level 3- Significant unobservable inputs that

cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation

by other means.

The fair value of the Company’s financial

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

Quoted Prices in

Active Markets for

Identical Assets or

Quoted Prices for Similar

Assets or Liabilities in

Active Markets

Marketable securities as of December 31, 2023

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 method.

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.

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

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, Maverick Strategic Minerals Corp (“Maverick”), Pinon Ridge Corporation

(“PRC”) and Mustang Mineral Processing Inc.

All inter-company transactions and balances have been

eliminated upon consolidation.

The Company has established the existence of mineralized

materials for certain uranium projects.

The Company has not established proven or probable reserves, as defined by the SEC, through the

completion of a “final” or “bankable” feasibility study for any of its uranium projects.

WESTERN URANIUM & VANADIUM CORP.

7 unchanged sentences

net loss by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is computed using

the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period.

Potential common

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 nine months ended September 30, 2024 and 2023 is the same for both basic

and fully diluted.

Diluted earnings per share is computed using the

weighted average number of common shares and, if dilutive, potential common shares outstanding during the period.

Potential common shares

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

computation of net loss per share for each of the three months ended March 31, 2025 and 2024 is the same for both basic and fully diluted.

Potentially dilutive securities outlined in the

2 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Warrants to purchase common shares

1 unchanged sentence

Total potentially dilutive securities

Recent Accounting Standards

In November 2023, the FASB issued Accounting

Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.”

This ASU requires annual and interim disclosures about significant segment expenses that are regularly provided to the CODM and included

within each reported measure of segment profit or loss as well as the amount and composition of other segment items.

The standard is

effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09, but believes it will not have

a material impact on its condensed interim consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09

– Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures.

standard is effective for public companies for annual periods beginning after December 15, 2024.

Early adoption is available.

is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09, but believes it will not have a material

impact on its condensed interim consolidated financial statements and disclosures.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards

Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09 – Improvements to Income Tax Disclosures ,

which enhances the transparency and decision usefulness of income tax disclosures.

The standard is effective for public companies for

annual periods beginning after December 15, 2024.

The Company adopted this standard as of January 1, 2025, which will result in additional

disclosures in the notes to the Company’s consolidated financial statements.

Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03,

– Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures

(Subtopic 220-40) :

Disaggregation of Income Statement Expenses (“ASU 2024-03”).

This ASU requires disclosures about specific

types of expenses included in the expense captions presented on the face of the statement of operation as well as disclosures about selling

The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning

after December 15, 2027.

The requirements will be applied prospectively with the option for retrospective application.

Early adoption

is permitted.

The Company will evaluate the full extent of the potential impact of the adoption of ASU 2024-03, but believes it

will not have a material impact on its condensed interim consolidated financial statements and disclosures.

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

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;

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

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, 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.

As the Company has not formally established proven

or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically

extracted as originally planned and anticipated.

The Company’s property, plant & equipment

and mineral properties, net and kinetic separation intellectual property are:

Useful Lives As of

September 30,

As of December 31,

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

1 unchanged sentence

Vehicles 5 years 1,094,297 1,094,297

Plant facilities 5 - 10 years 281,959 207,490

Software 5 years 9,120 9,120

5 unchanged sentences

Kinetic separation intellectual property $ 9,488,051 $ 9,488,051

The Company’s mining properties acquired

on August 18, 2014 that the Company retains as of March 31, 2025 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;

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.

The Company is obligated to remit a 1.0 % royalty based upon the market value of uranium recovered from these mining

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 March 31, 2025 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.

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

As the Company has not formally established proven

or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically

extracted as originally planned and anticipated.

During the three months ended March 31, 2025 and

2024, Western made purchases of $ 166,507 and $ 403,369 , to increase the Company’s mining and processing capacities.

During the three

months ended March 31, 2025, depreciation expense was $ 196,383 , of which $ 195,976 was included in mining expenditures and $ 407 was included

in general and administrative on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.

During the three months ended March 31, 2024, depreciation expense was $ 113,319 , which was included in mining expenditures on the Company’s

condensed interim consolidated statements of operations and other comprehensive loss.

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

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

Property, plant & equipment and mineral

properties, net

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 on approximately 160 surface acres of

the Company’s property in Colorado.

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 on approximately 160 surface acres of the

Company’s property in Colorado.

As consideration for entering into the lease, the lessee has agreed to pay the Company a royalty

from the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.

has also received cash payments from the lessee related to the easement that the Company is recognizing incrementally over the eight

year term of the easement.

On June 23, 2020, the operator elected to extend

the oil and gas lease easement for three additional years through July 2023.

This was done to provide additional time in order to complete

well construction and commence oil and gas production.

During 2021, the operator completed a first set of eight (8) wells which commenced

oil and gas production by August 2021.

During 2022, the operator completed a second set of eight (8) wells which commenced oil and gas

production by August 2022.

All sixteen (16) wells remain in production and monthly royalty payments will be ongoing in perpetuity as

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

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

has also received cash payments from the lessee related to the easement that the Company is recognizing incrementally over the eight year

term of the easement.

As of March 31, 2025, all sixteen (16) wells remain in production and monthly royalty payments will be ongoing in

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

During the three months ended March 31, 2025 and

2024, the Company recognized aggregate revenue of $ 41,221 and $ 54,273 , respectively, under these oil and gas lease arrangements.

Asset Retirement Obligations

The Company’s mines are subject to certain

asset retirement obligations, which the Company has recorded as reclamation liabilities.

The reclamation liabilities of the United States

mines are subject to legal and regulatory requirements, and estimates of the costs of reclamation are reviewed periodically by the applicable

regulatory authorities.

The reclamation liability represents the Company’s best estimate of the present value of future reclamation

costs in connection with the mineral properties.

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 September

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

asset retirement obligations (“AROs”), which the Company has recorded as liabilities.

The AROs of the United States mines

are subject to legal and regulatory requirements, and estimates of the costs of asset retirement obligations are reviewed periodically

by the applicable regulatory authorities.

The ARO represents the Company’s best estimate of the present value of future costs in

connection with the mineral properties.

The Company determined the aggregate gross AROs

of the mineral properties to be $ 1,163,157 and $ 1,163,978 as of March 31, 2025 and December 31, 2024, respectively.

The portion of the

asset retirement obligations related to the Van 4 Mine, which is in reclamation as of March 31, 2025, and its related restricted cash

are included in current liabilities and current assets, respectively, at a value of $ 75,057 .

During the three months ended March 31, 2025,

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 asset retirement obligation amount.

The Company’s asset retirement obligations

are subject to legal and regulatory requirements.

Estimates of the costs of reclamation are reviewed periodically by the Company and the

applicable regulatory authorities.

The asset retirement obligations represent the Company’s estimate of the present value of future

reclamation costs, discounted using a credit adjusted risk-free interest rate of 5.4 % as of March 31, 2025 and December 31, 2024.

net discounted aggregated values as of March 31, 2025 and December 31, 2024 were $ 415,482 and $ 410,098 , respectively.

On March 13, 2025,

the Company remitted $ 351,131 in connection with the reevaluation of reclamation costs for existing mining properties.

Financial warranties

to secure AROs as of March 31, 2025 and December 31, 2024 were $ 1,163,157 and $ 812,993 , respectively.

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

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

Reclamation Liabilities, continued

Reclamation liability activity consists of:

For the Nine Months Ended

September 30,

Beginning balance at January 1

Adjustment to reclamation liability

Ending Balance at September 30

Reclamation liability, current portion

Reclamation liability, net of current portion

Asset Retirement Obligations, continued

Asset retirement obligation activity consists of:

For the Three Months Ended

Beginning balance as of January 1

Adjustment to asset retirement obligations

Ending balance as of March 31

Asset retirement obligations, current portion

Asset retirement obligations, net of current portion

Topaz Mine Permitting Status

In November 2020 and December 2020, a coalition

of environmental groups (the “Plaintiffs”) filed a complaint against the Mined Land Reclamation Board (“MLRB”)

seeking partial appeals of prior MLRB decisions, requesting the termination of the Topaz Mine permit.

The Company joined with the MLRB

in defense of those decisions.

On May 5, 2021, 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.

The MLRB and the Company

sought a settlement with the Plaintiffs.

A settlement was not reached, and the MLRB and the Company submitted answer briefs on August

The Plaintiffs 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 the MLRB for further proceedings consistent with its order.

on March 20, 2023, the MLRB issued a board order for the Company to commence final reclamation, which upon completion will terminate

mining operations at the Topaz Mine.

Reclamation commenced immediately at the Topaz Mine and is to be completed within five years by

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 U.S.

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

This is a prerequisite

to re-permit the Topaz Mine with Colorado’s DRMS.

In connection with the Topaz Mine Plan, an environmental assessment was prepared

by an outside consultant and submitted to the BLM on June 24, 2024.

The BLM issued a letter to the Company on August 2, 2024 advising

that the application for the Topaz Mine Plan had run past the allowed evaluation period and was cancelled.

A new federal law called the

Fiscal Responsibility Act of 2023 was enacted that creates a one year time limit for BLM reviews.

Under the transitional rules, the Topaz

project was not eligible for an extension due to its duration.

However, the project can be resubmitted and be picked-up where it was left

The re-scoping process will need to be repeated to start the one year time clock.

The Company is making a determination as to the

best means and timing to resubmit its application.

Upon an order from the Mined Land Reclamation

Board (“MLRB”) in March 2023, the Topaz Mine was put into reclamation which is scheduled to be completed by March 2028.

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 U.S.

Bureau of Land Management (“BLM”) for the conduct of mining activities on the federal

land at the Topaz Mine.

This is a prerequisite to re-permit the Topaz Mine with Colorado’s DRMS.

In connection with the Topaz Mine

Plan, an environmental assessment was prepared by an outside consultant and submitted to the BLM on June 24, 2024.

The BLM issued a letter

to the Company on August 2, 2024 advising that the application for the Topaz Mine Plan had run past its allowed evaluation period and

was cancelled.

Pursuant to the Fiscal Responsibility Act of 2023, each permitting project has a one year time limit for the BLM to complete

Under the transitional rules, the Topaz project was not eligible for an extension due to its duration.

However, the project

can be resubmitted and be picked up where it was left off.

The re-scoping process will need to be repeated to start the one year time

Consultants have completed new work toward gathering additional inputs for the BLM resubmission, but have not yet restarted the

BLM clock by making an amended submission.

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

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 $ 61,403 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

Following the completion of repairs to access roads, the phase 1 drilling program is eligible to begin.

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.

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

This project will provide

the baseline data needed for permitting application submission.

WESTERN URANIUM & VANADIUM CORP.

5 unchanged sentences

Kinetic Separation Intellectual Property

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 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

10 unchanged sentences

13, 2012 and granted on February 14, 2014 by the United States Patent Office.

The patent is effective for a period of 20 years until

September 13, 2032.

The patent is effective for a period of 20 years until September

This patent is supported by two provisional patent applications.

The provisional patent applications expired after

one year but were incorporated in the U.S.

The provisional patent applications expired after one year

but were incorporated in the U.S.

Patent by reference and claimed benefit prior to their expirations.

The status of the patent

and two provisional patent applications has not changed subsequent to the 2014 patent grant.

The Company has the continued right to use

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 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 consist of:

September 30,

The status of the patent and two

provisional patent applications has not changed subsequent to the 2014 patent grant.

The Company has the continued right to use 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 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.

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 explored.

NOTE 5 – Accounts

Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of:

Trade accounts payable

14 unchanged sentences

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,

2025 and December 31, 2024, an unlimited number of common shares were authorized for issuance.

Warrant Exercises

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.

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 .

There were no warrant exercises during the three

months ended March 31, 2025.

During the three months ended March 31, 2024, an aggregate of 5,198,540 warrants were exercised for total

proceeds of $ 4,605,458 (CAD $ 6,238,248 ).

Warrant Modification

On November 28, 2024, The Company’s Board

approved amendments to extend the term and reduce the exercise price of 2,868,541 previously issued common share purchase warrants.

warrants, originally issued during December 2021 and January 2022, had initial exercise prices of $ 1.94 (CAD $ 2.50 ) and $ 2.00 (CAD $ 2.50 )

per share, respectively, and were set to expire three years post-issuance.

Effective November 28, 2024, the term was extended to January

20, 2026, a date that is less than five years since the original date of issuance.

Effective February 27, 2025 the exercise price was

reduced to $ 1.39 (CAD $ 2.00 ), the date upon which the Canadian Securities Exchange (CSE) accepted the warrant repricing and the amended

Form 13 filing was approved for filing.

During the year ended December 31, 2024, the Company recorded an incremental fair value of $ 184,308

arising from the extension of the term.

On February 27, 2025, the Company recorded an incremental fair value of $ 104,840 for the modification

of the exercise price.

The cost of the warrant modifications was accounted for as a cost of raising capital.

This modification was granted

to facilitate the raising of additional equity capital by extending the exercise period and lowering the exercise price, thereby providing

warrant investors with more time and incentive to exercise their warrants.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY

INSTRUMENTS, CONTINUED

Incentive Stock Option Plan

2 unchanged sentences

The purpose of the Plan is to attract, retain,

and motivate directors, management, staff, and consultants by providing them with the opportunity, through stock options, to acquire

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.

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.

and motivate directors, management, staff, and consultants by providing them with the opportunity, through stock options, to acquire 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 March 31, 2025, a total of 59,386,546 common shares were outstanding.

As of March 31, 2025, the maximum number

of stock options eligible to be issued under the Plan would be 5,938,654 and net of 5,556,671 options outstanding as of March 31, 2025,

there remain 381,983 stock options available to be issued under the Plan.

Shareholder Rights Plan

1 unchanged sentence

29, 2023, the shareholders approved a shareholder rights plan, which is designed to ensure the fair treatment of shareholders in connection

with any take-over bid for the Company and to provide the Board of Directors and shareholders with sufficient time to fully consider

any unsolicited takeover bid (the “Shareholder Rights Plan”).

with any take-over bid for the Company and to provide the Board of Directors and shareholders with sufficient time to fully consider any

unsolicited takeover bid (the “Shareholder Rights Plan”).

The Shareholder Rights Plan also provides the Board of Directors

3 unchanged sentences

“Rights”) will be issued to holders of Common Shares at a rate of one Right for each Share outstanding.

Stock Options

There were no stock options granted during the

three months ended March 31, 2025 and 2024.

During the three months ended March 31, 2025,

the Company issued 3,850 common shares pursuant to the cashless exercise of options to purchase 83,332 common shares with an

exercise price of $ 0.79 (CAD $ 1.03 ).

During the three-months ended March 31, 2024,

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

price of $ 0.79 (CAD $ 1.03 ).

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Stock Options

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

Stock Options, continued

Shares Weighted

Exercise Price Weighted

Contractual Life

(Years) Intrinsic

Life (Years) Intrinsic

Outstanding – January 1, 2025 5,723,336 $ 1.14 3.80 $ -

Granted 100,000 1.47

Forfeited and expired ( 83,333 ) 0.79

Exercised ( 83,332 ) 0.79

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 (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.

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

(Years) Intrinsic

Outstanding – January 1, 2024 10,804,539 $ 1.30 1.31 $ 1,576,511

Exercised ( 5,198,540 ) 0.88

Expired/Forfeited ( 27,260 ) 0.88

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

Outstanding – March 31, 2025 5,556,671 $ 1.15 3.66 $ 25,515

Exercisable – March 31, 2025 4,639,998 $ 1.19 3.28 $ 25,515

The Company’s stock-based compensation expense

(net of the effect of forfeitures) related to stock options for the three months ended March 31, 2025 was $ 271,138 of which $ 54,242 and

$ 216,896 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 March 31, 2024 was $ 516,515 , of which $ 143,946 and $ 372,569 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 March 31, 2025, there was approximately $ 298,881 of unrecognized share-based compensation for unvested

stock options, which is expected to be recognized over a weighted average period of 0.59 years.

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Shares Weighted

Price Weighted

(Years) Intrinsic

Outstanding – January 1, 2025 9,718,345 $ 1.52 2.76 $ -

Expired/Forfeited ( 98,985 ) 2.00

Outstanding – March 31, 2025 9,619,360 $ 1.33 2.54 $ -

Exercisable – March 31, 2025 9,619,360 $ 1.33 2.54 $ -

7 – Mining Expenditures

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

For the Three Months Ended March 31,

Labor and related benefits

5 unchanged sentences

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.

Pursuant to the terms of the JV, Rimrock contributed certain assets into the JV and PRM contributed $ 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

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 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.

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 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.

During the three months ended

March 31, 2025 and 2024, PRM funded an aggregate of $ 395 and $ 50,000 , respectively (inclusive of funding the Initial Contribution) to

the JV, 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.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

8 – Related Party Transactions AND BALANCES

2 unchanged sentences

Prior to the acquisition of Black Range, Mr.

George Glasier, the Company’s CEO, who is also a director of the Company (“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 $ 346,820 (AUD $ 500,000 ) to Seller within 60 days of the first commercial application

Glasier, the Company’s CEO, who is also a director of the Company (“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 $ 312,343 (AUD $ 500,000 ) to Seller within 60 days of the first commercial application

of the Kinetic Separation technology.

3 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 $ 346,820 and $ 340,650 as of September 30, 2024 and December 31, 2023, respectively.

liability in the amount of $ 312,343 and $ 309,138 as of March 31, 2025 and December 31, 2024, 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 September 30, 2024 and 2023, respectively.

The Company incurred

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

and $ 23,525 in connection with these arrangements for the three months ended March 31, 2025 and 2024, respectively.

The Company is obligated to pay Mr.

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

reimbursable expenses in the amount of $ 18,067 and $ 83,554 , included within accounts payable and accrued liabilities, as of March 31,

2025 and December 31, 2024, respectively.

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.

9 – Subsequent event

Ore Purchase Agreement

On April 8, 2025, PRM entered into an Ore Purchase

Agreement (the “Ore Purchase Agreement”) with subsidiaries of Energy Fuels Inc.

(“Purchaser”).

The Ore Purchase

Agreement is for a one year period and provides for the delivery of up to 25,000 short tons of uranium bearing ore to the White Mesa Mill

in Blanding, Utah.

PRM shall make deliveries at its own cost and the purchase price per ton will be based upon the average grade of uranium

of each lot, and other qualifying conditions.

Within 30 days after each lot is closed, Purchaser shall pay to PRM an 85 % provisional payment

calculated based upon the sampled grade and an agreed upon pricing schedule.

Within 30 days after each lot is fed to processing, the Purchaser

shall pay to PRM a final settlement payment calculated based upon the assayed grade and the agreed upon pricing schedule, net of a royalty,

pursuant to a previously existing royalty agreement with the Purchaser.

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