What changed in this filing

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Item 1. Financial Statements

2025-08-14 compared with 2025-05-13 · 285 added, 212 removed, 454 unchanged (52% of the section changed)

24 unchanged sentences

Shareholders’ Equity

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

Common shares, no par value, unlimited authorized shares, 65,298,638 and 59,383,002 shares issued as of June 30, 2025 and December 31, 2024, respectively, and 65,298,332 and 59,382,696 shares outstanding as of June 30, 2025 and December 31, 2024, respectively

Treasury shares, 306 shares held in treasury as of June 30, 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.

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

CONDENSED INTERIM CONSOLIDATED STATEMENTS

OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Three Months Ended

For the Six Months Ended

Mining expenditures

6 unchanged sentences

( 2,712,153 )

( 4,647,458 )

( 5,239,120 )

Interest income, net

1 unchanged sentence

( 2,625,522 )

( 4,606,149 )

( 5,102,410 )

Other comprehensive (loss) income

3 unchanged sentences

$ ( 2,688,042 )

$ ( 4,638,591 )

$ ( 5,307,289 )

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.

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’

CONDENSED INTERIM CONSOLIDATED STATEMENTS

OF CHANGES IN SHAREHOLDERS’ EQUITY

(Stated in USD)

1 unchanged sentence

Treasury Shares

Accumulated Other

Comprehensive

10 unchanged sentences

$ ( 249,206 )

Private placement - June 2025, net of offering costs

Stock-based compensation - stock options

Foreign currency translation adjustment

( 1,968,534 )

Balance as of June 30, 2025

$ ( 33,536,043 )

$ ( 266,313 )

Balance as of January 1, 2024

9 unchanged sentences

$ ( 216,368 )

The accompanying notes are

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

Stock-based compensation - stock options

Foreign currency translation adjustment

( 2,625,522 )

Balance as of June 30, 2024

$ ( 23,920,267 )

$ ( 278,888 )

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 CASH FLOWS

CONDENSED INTERIM CONSOLIDATED STATEMENTS

OF CASH FLOWS

(Stated in USD)

For the Three Months Ended

For the Six Months Ended

Cash Flows Used In Operating Activities:

15 unchanged sentences

Purchase of property, plant & equipment and mineral properties

( 1,030,011 )

Net cash used in investing activities

( 1,030,011 )

Cash Flows Provided By Financing Activities

Proceeds from private placement, net

Proceeds from warrant exercises

2 unchanged sentences

Net decrease in cash and cash equivalents and restricted cash

( 2,359,229 )

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.

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 issuer.

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

The Company’s registered office is located

2 unchanged sentences

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”)

3 unchanged sentences

On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting

On June 30, 2023, Western re-qualified as a foreign

private issuer as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”).

As a result, the Company may now utilize certain accommodations made to foreign private issuers, including (1) an exemption from complying

with the Commission’s proxy rules, (2) an exemption from the Company’s insiders having to comply with the reporting and short-swing

On June 30, 2023, Western re-qualified as a foreign private issuer

as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”).

the Company may now utilize certain accommodations made to foreign private issuers, including (1) an exemption from complying with the

Commission’s proxy rules, (2) an exemption from the Company’s insiders having to comply with the reporting and short-swing

trading liability provisions of Section 16 under the Exchange Act, (3) the ability to make periodic filings with the Commission on the

5 unchanged sentences

on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

On the subsequent measurement date June 30, 2024, Western

reconfirmed its qualification as a foreign private issuer.

As of the subsequent measurement date June 30, 2024, Western

reconfirmed its qualification as a foreign private issuer for periods ended through December 31, 2025.

WESTERN URANIUM & VANADIUM CORP.

6 unchanged sentences

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

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, the sale of its common shares and from limited revenue sources.

During the three and six months ended June 30, 2025, the Company generated

a net loss of $ 1,968,534 and $ 4,606,149 , 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 expands its mining operations.

As of June 30, 2025,

the Company had an accumulated deficit of $ 33,536,043 and working capital of $ 4,011,435 .

Since inception, the Company has met its liquidity requirements principally

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

On June 13, 2025, the Company closed a

brokered private placement of 5,911,786 units at a price of $ 0.63 (CAD $ 0.85 ) per unit.

The aggregate gross proceeds raised in the private

placement amounted to $ 3,693,424 (CAD $ 5,025,018 ) and proceeds net of issuance costs were $ 3,331,687 (CAD $ 4,532,939 ).

During November

11 unchanged sentences

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

10 unchanged sentences

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.

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

on April 15, 2025.

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

9 unchanged sentences

thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2024, as filed with the

SEC on April 15, 2025.

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

Commission on April 15, 2025.

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

30, 2025 notwithstanding its foreign private issuer status.

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.

Operating results for the three and six months ended June 30, 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

8 unchanged sentences

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.

The Company has not established proven or probable reserves, as defined by the Commission, 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).

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.

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 six months ended June 30, 2025 and 2024 is the same for both basic and

fully diluted.

Potentially dilutive securities outlined in the

1 unchanged sentence

anti-dilutive.

For the Three Months

For the Three Months Ended

For the Six Months Ended

Warrants to purchase common shares

11 unchanged sentences

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.

– 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 expenses.

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

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.

Early adoption is permitted.

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.

6 unchanged sentences

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

As of December 31,

Useful Lives As of

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

10 unchanged sentences

The Company’s mining properties acquired

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

on August 18, 2014 that the Company retains as of June 30, 2025 include:

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

1 unchanged sentence

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

Sage Mine located in San Juan County, Utah, and San Miguel 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

3 unchanged sentences

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of March 31, 2025 include:

on September 16, 2015 that the Company retains as of June 30, 2025 include:

Hansen, North Hansen and Hansen Picnic Tree located in Fremont

7 unchanged sentences

extracted as originally planned and anticipated.

During the three months ended March 31, 2025 and

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

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

During the six months ended June 30, 2025 and

2024, Western made purchases of $ 376,458 and $ 1,030,011 , 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.

three and six months ended June 30, 2025, depreciation expense was $ 204,125 and $ 400,508 , of which $ 202,904 and $ 398,880 was included

in mining expenditures and $ 1,221 and $ 1,628 was included in general and administrative on the Company’s condensed interim consolidated

statements of operations and other comprehensive loss, respectively.

During the three and six months ended June 30, 2024, depreciation

expense was $ 151,047 and $ 264,366 , respectively, which was included in mining expenditures on the Company’s condensed interim consolidated

statements of operations and other comprehensive loss.

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 (“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.

Deliveries of uranium bearing ore to Purchaser

began in June 2025.

Revenue related to shipments will be recognized after title for stockpiled ore passes to the Purchaser upon release

of the Provisional Payment.

Such payment will be made after the Purchaser has weighed and graded the deliveries, both the Purchaser and

the Company have agreed upon the condition of the lot and the Purchaser has notified the Company that an ore lot is considered closed

for the purposes of the Ore Purchase Agreement.

The Company expects the first lot will be closed in August and revenue related to the

sale of uranium bearing ore will begin to be recognized during the three months ended September 30, 2025.

During the three months ended June 30, 2025, the Company funded a $ 50,000 surety bond for San Miguel County, Colorado.

This bond was

a precondition to acquiring a permit for hauling on the county’s road system;

acquiring this permit allowed the Company to commence

deliveries in June 2025.

WESTERN URANIUM & VANADIUM CORP.

5 unchanged sentences

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.

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

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 June 30, 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 June 30, 2025 and

2024, the Company recognized aggregate revenue of $ 30,509 and $ 39,781 , respectively, and for the six months ended June 30, 2025 and 2024,

the Company recognized aggregate revenue of $ 71,730 and $ 94,054 , respectively, under these oil and gas lease arrangements.

8 unchanged sentences

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.

of the mineral properties to be $ 1,163,157 and $ 1,163,978 as of June 30, 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

asset retirement obligations related to the Van 4 Mine, which is in reclamation as of June 30, 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.

During the three and six months ended June

30, 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

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 June 30, 2025 and December 31, 2024.

The net discounted aggregated

values as of June 30, 2025 and December 31, 2024 were $ 419,816 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 June

30, 2025 and December 31, 2024 were $ 1,163,157 and $ 812,993 , respectively.

WESTERN URANIUM & VANADIUM CORP.

6 unchanged sentences

Asset retirement obligation activity consists of:

For the Three Months Ended

Beginning balance as of January 1

For the Six Months Ended

Beginning balance at January 1

Adjustment to asset retirement obligations

Ending balance as of March 31

Ending Balance at June 30

Asset retirement obligations, current portion

3 unchanged sentences

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.

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

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.

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 a review.

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.

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 clock.

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

3 unchanged sentences

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 eligible to begin.

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

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.

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 eligible to begin.

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

During 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

The patent is effective for a period of 20 years until

September 13, 2032.

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 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

25 unchanged sentences

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

As of March 31,

As of June 30,

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

Private Placements

On June 13, 2025, the Company closed a private placement of 5,911,786

units at a price of $ 0.63 (CAD $ 0.85 ) per unit.

The aggregate gross proceeds raised in the private placement amounted to $ 3,693,424 (CAD

$ 5,025,018 ) and proceeds net of issuance costs were $ 3,331,687 (CAD $ 4,532,939 ).

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 $ 0.77 (CAD $ 1.05 ) per share for

a period of four years following the closing date of the private placement.

A total of 5,911,786 common shares and warrants to purchase

5,911,786 common shares were issued to investors and warrants to purchase 206,913 common shares were issued to broker dealers in connection

with the private placement.

Warrant Exercises

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 ).

and six months ended June 30, 2025.

During the three and six months ended June 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 ).

Warrant Modification

27 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.

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

1 unchanged sentence

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,

As of June 30, 2025, a total of 65,298,332 common shares were outstanding.

As of June 30, 2025, the maximum number

of stock options eligible to be issued under the Plan would be 6,529,833 and net of 5,390,000 options outstanding as of June 30, 2025,

there remain 1,139,833 stock options available to be issued under the Plan.

2 unchanged sentences

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

5 unchanged sentences

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

six months ended June 30, 2025 and 2024.

During the six months ended June 30, 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 six months ended June 30, 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.

11 unchanged sentences

Exercised ( 83,332 ) 0.79

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.

Outstanding – June 30, 2025 5,390,000 $ 1.16 3.52 $ -

Exercisable – June 30, 2025 4,473,327 $ 1.21 3.15 $ -

The Company’s stock-based compensation

expense (net of the effect of forfeitures) related to stock options for the three months ended June 30, 2025 was $ 149,951 of which $ 29,990

and $ 119,961 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, 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 (net of the effect of forfeitures) related to stock

options for the six months ended June 30, 2025 was $ 421,089 of which $ 84,232 and $ 336,857 was included in mining expenditures and general

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

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.

As of June 30, 2025, there was approximately $ 159,778

of unrecognized share-based compensation for unvested stock options, which is expected to be recognized over a weighted average period

of 0.34 years.

Shares Weighted

Exercise Price Weighted

Life (Years) Intrinsic

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

Issued 6,118,699 0.77

Expired/Forfeited ( 98,985 ) 2.00

Outstanding – June 30, 2025 15,738,059 $ 1.12 2.94 $ -

Exercisable – June 30, 2025 15,738,059 $ 1.12 2.94 $ -

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 March 31,

For the Three Months Ended

For the Six Months Ended

Labor and related benefits

8 unchanged sentences

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 of Rimrock.

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 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

During the three

months ended June 30, 2025 and 2024, PRM funded an aggregate of $ 99 and $ 128,549 , 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.

During the six months ended June 30, 2025 and 2024, PRM funded an aggregate

of $ 494 and $ 178,549 , 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

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

WESTERN URANIUM & VANADIUM CORP.

7 unchanged sentences

Prior to the acquisition of Black Range, Mr.

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

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 $ 328,525 (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 $ 312,343 and $ 309,138 as of March 31, 2025 and December 31, 2024, respectively.

liability in the amount of $ 328,525 and $ 309,138 as of June 30, 2025 and December 31, 2024, respectively.

The Company has multiple lease arrangements with

3 unchanged sentences

The Company incurred rent expense of $ 27,271

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

and $ 26,325 in connection with these arrangements for the three months ended June 30, 2025 and 2024, respectively.

The Company incurred

rent expense of $ 53,596 and $ 49,850 in connection with these arrangements for the six months ended June 30, 2025 and 2024, respectively.

The Company is obligated to pay Mr.

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

reimbursable expenses in the amount of $ 24,277 and $ 83,554 , included within accounts payable and accrued liabilities, as of June 30,

2025 and December 31, 2024, respectively.

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