Western Uranium & Vanadium Corp. 10-K

ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures As of the end of the period covered by this report, our principal executive officer and principal financial officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on their evaluation of our disclosure controls and procedures, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025, to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is (a) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (b) accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow for timely decisions regarding required disclosure.   60 Management’s Annual Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Based on this evaluation, our chief executive officer and chief financial officer have concluded that during the period covered by this report, our disclosure controls and procedures were not effective, due to our identified material weaknesses in internal control over financial reporting. As of December 31, 2025, our management assessed the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, in Internal Control-Integrated Framework (2013). Based on this assessment, management, under the supervision and with the participation of our chief executive officer and chief financial officer, concluded that, as of December 31, 2025, our internal control over financial reporting was not effective based on those criteria. Based upon its assessment, as of December 31, 2025, management has identified the following material weaknesses in its internal control over financial reporting, inclusive of the control weakness related to disclosure controls and procedures: 1. The lack of sufficient dedicated accounting personnel, resulting in delays around the timely collection of inputs and the preparation and review of financial reporting, as well as the inability to provide for effective segregation of duties, and 2. The lack of formal documentation of the design of the control environment and the related control processes and procedures. Remediation Efforts to Address Material Weaknesses We have identified and implemented, and continue to implement, certain remediation efforts to improve the effectiveness of our internal control over financial reporting. These remediation efforts are ongoing and include the following measures to address the material weaknesses identified: ● We have engaged additional accounting resources from our consultants. These additional resources have enabled us to improve the timeliness and initial recording of inputs as well as for the preparation of account reconciliations. ● We have engaged a new member of the management team into our cash disbursement function, thus providing an improvement in segregating duties for incompatible roles. ● We have implemented additional procedures in connection with our monthly accounting closing process. While we believe the steps taken to date will improve the effectiveness of our internal control over financial reporting, we have not yet completed all of our planned remediation efforts. Attestation Report This annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to a provision under the Dodd-Frank Wall Street Reform and Consumer Protection Act that grants a permanent exemption for non-accelerated filers from complying with Section 404(b) of the Sarbanes-Oxley Act of 2002. Changes in Internal Control over Financial Reporting There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 under the Exchange Act that occurred during the Company’s fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. ITEM 9B. OTHER INFORMATION. None. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. None .   61 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The following table sets forth information regarding the members of our board of directors (the “Board”) and our executive officers. Name Age Position(s) George Glasier 82 President, Chief Executive Officer and Director Robert Klein 60 Chief Financial Officer Michael Rutter 49 Chief Operating Officer Bryan Murphy 57 Director, Chairman Andrew Wilder 55 Director Michael Skutezky 78 Director Executive Officers George Glasier, J.D ., founded Western Uranium & Vanadium Corp. and has served as a Director and as President and Chief Executive Officer since 2014. He has over thirty years’ experience in the uranium industry in the United States, with extensive experience in sales and marketing; project development and permitting uranium processing facilities. He is the founder of Energy Fuels Inc. (Volcanic Metals Exploration Inc.) and served as its Chief Executive Officer and President from January 2006 to March 2010. He was responsible for assembling a first-class management team, acquiring a portfolio of uranium projects, and leading the successful permitting process that culminated in the licensing of the Piñon Ridge uranium mill; originally planned for construction in Western Montrose County, Colorado. He began his career in the uranium industry in the late 1970’s with Energy Fuels Nuclear, which built and operated the White Mesa Mill near Blanding, Utah, becoming the largest uranium producer in the United States. Robert Klein has served as Chief Financial Officer of Western Uranium & Vanadium Corp since 2016. He is in charge of accounting and finance, and is closely involved in capital markets activities, corporate transactions, investor relations, public relations, and legal, and compliance. Formerly, Mr. Klein served as Vice President Finance and had leading roles in reporting, corporate transactions, and Western’s public listings on the CSE and OTCQX. Mr. Klein was formerly the Chief Operating Officer of Cross River Group and began his association with Western on an Operating Partner basis after the formation of Western’s predecessor company, Pinon Ridge Mining, LLC. Previously, Mr. Klein was a Managing Director at Analytical Research, an alternative investments research firm. He has a broad financial background derived from senior operating and investment roles with asset managers and through Exeter Analytics, a consulting firm he founded. Mr. Klein was formerly the CFO of Five Points Capital, a hedge fund spin-out from Soros Fund Management. After having begun his career in public accounting, Mr. Klein worked for Lehman Brothers, an investment bank, and William E. Simon & Sons, a merchant bank and private investment firm. Rob earned the Chartered Financial Analyst designation, received an M.B.A. from the Robert H. Smith School of Business at the University of Maryland and a B.S. in Accounting from George Mason University. Michael Rutter has served as the Chief Operating Officer (“COO”) of Western Uranium & Vanadium since January 30, 2024. As COO, Mr. Rutter is in charge of Western’s mining and milling operations; all operations teams report to Mr. Rutter. Mr. Rutter hires staff, procures equipment and is responsible for the maintenance and scaling-up of activities at Western’s resource properties. Beginning in 2016 and until he was appointed COO, Mr. Rutter served as Western’s Vice President of Operations, serving part-time until 2022 and then full-time since. In his role as Vice President of Operations, Mr. Rutter was in charge of overseeing resource properties and the advancement of Kinetic Separation. He was the project coordinator for the development of all of Western’s resource properties and spearheaded efforts at the Sunday Mine Complex, and certain reclamation projects. During the prior period from 2014 to 2016, Mr. Rutter provided services to Western as a consultant on a part-time basis. Mr. Rutter’s experience also included working for Veolia Nuclear Solutions Federal Services during 2014 through 2022, where Mr. Rutter oversaw electrical and mechanical operations at the Paradox Valley Unit of the Colorado River Basin Salinity Control Program and working for Energy Fuels Inc. from 2007 through 2014 as Maintenance and Operations Superintendent in uranium production in Utah, Colorado and Arizona.   62 Non-Employee Directors Andrew Wilder serves as a Director and the Chairman of the Audit Committee for Western Uranium & Vanadium Corporation, positions he has held since 2014, and as a member of the Governance, Nominating & Compensation Committee. He is the Founder and the Chief Executive Officer of Cross River Infrastructure Partners, a platform designed to accelerate global sustainability through the development and construction of infrastructure projects deploying transformative industrial technologies. Areas of focus include capturing and sequestering carbon emissions, generating green hydrogen and ammonia, generating clean power with advanced small modular nuclear reactors, and up cycling bio-waste into renewable natural gas. Mr. Wilder is also currently a Board Member for Bedford 2030, a community-based climate action non-profit organization for the Township of Bedford, New York. In 2011, prior to launching Cross River Infrastructure Partners, Mr. Wilder founded and managed the Cross River Group, an advisory business providing capital and business development services to alternative asset managers and institutions. In 2001, Mr. Wilder co-founded and served as Chief Operating and Chief Financial Officer for North Sound Capital LLC, an equity hedge fund manager with $3 billion peak assets under management. Mr. Wilder’s prior career included serving as a Manager in the audit group of Deloitte. Mr. Wilder received the Chartered Accountant (Canada) designation, holds the CFA designation, and received an MBA from the University of Toronto and a BA from the University of Western Ontario. Our board of directors believe that Mr. Wilder’s extensive experience in financial management and in the energy industry qualifies him to serve on our board of directors. Bryan Murphy has served as a Director of Western Uranium & Vanadium Corp. since 2018 and serves on both the Audit Committee and the Governance, Nominating & Compensation Committee. He is the founder of Magellan Limited, an advisory firm focusing on providing strategic, M&A, and financial advisory services and currently serves as CFO and Head of Finance for Biome Renewables Inc., an early stage renewable energy innovation and industrial design company. Formerly, Mr. Murphy was Co-Founder and Managing Partner of Quest Partners, a boutique investment bank that focuses on the provision of M&A, corporate finance, and business strategy services. In these capacities, Mr. Murphy has developed extensive international experience and relationships advising high-growth businesses across North America, Europe, and the Middle East. In the prior dozen years, Mr. Murphy held senior management roles at Canadian Tire Corporation overseeing divisions and business lines. Additionally, Mr. Murphy was formerly a board member of Covenant House Toronto, one of Canada’s largest homeless youth agencies. Bryan has an Honours Bachelor of Arts in Business Administration majoring in Finance and an MBA with Distinction from the University of Western Ontario Richard Ivey School of Business. Bryan earned the ICD.D designation from the Rotman School of Management at the University of Toronto and the Institute of Corporate Directors. Our board of directors believe that Mr. Murphy’s extensive experience in strategic and other advisory and executive leadership qualifies him to serve on our board of directors. Michael Skutezky was elected to the Board of Directors in June 2024 and serves as the Chairman of the Governance, Nominating & Compensation Committee and as a member of the Audit Committee. He brings over 40 years of experience as an officer, counsel, and director in the financial sector in Canada. His career includes serving as Assistant General Counsel at Royal Bank of Canada, where he specialized in international and Canadian project financing, and as Senior Vice President, Personal Trust at National Trust. Currently, Mr. Skutezky is the Chairman and sole shareholder of Rhodes Capital Corporation, a firm that provides alternative financing solutions for small to mid-sized businesses and startups. The Company specializes in business financing strategies designed to enhance working capital and cash flow. Since 2019, Mr. Skutezky has served as Secretary and Senior Legal Counsel for Voyager Metals Inc. He has also been a Director of New Break Resources Ltd. since April 2014, where he previously held the role of Corporate Secretary until stepping down in October 2021. However, he continues to serve as a Director. Additionally, he has been a Director of Green Shift Commodities Ltd. since June 2022. Mr. Skutezky holds a B.A. in Business from Bishop’s University and an LL.B. from Dalhousie Law School. He is a member of the Canadian and International Bar Associations and a non-practicing member of the Law Society of Ontario. Our board of directors believe that Mr. Skutezky’s extensive legal, financial and uranium industry experience qualifies him to serve on our board of directors.   63 Involvement of Officers and Directors in Certain Legal Proceedings During the past ten years, none of the persons serving as our executive officers and/or directors have been the subject of any of the following legal proceedings that are required to be disclosed pursuant to Item 401(f) of Regulation S-K, including: (a) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (b) any criminal convictions or any criminal proceedings in which the person is a named subject (excluding traffic violations and other minor offenses); (c) any order, judgment, or decree permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; (d) any finding by a court, the SEC or the CFTC to have violated a federal or state securities or commodities law, any law or regulation respecting financial institutions or insurance companies, or any law or regulation prohibiting mail or wire fraud in connection with any business entity; or (e) any sanction or order of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or other organization that has disciplinary authority over its members or persons associated with a member. Further, no such legal proceedings are believed to be contemplated by governmental authorities against any director or executive officer. Family Relationships There are no family relationships among our directors and executive officers. Code of Ethics We have adopted a code of ethics that applies to our officers, directors, employees and consultants. A copy of the code of ethics will be sent, free of charge, to any person who sends a written request for a copy to Western Uranium & Vanadium Corp., 5 Church Street, Toronto, Ontario, Canada M5E 1M2. Insider Trading Policy and Procedures We have adopted a Disclosure, Confidentiality and Insider Trading Policy that includes insider trading policies and procedures that we believe are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations and the CSE’s continued listing standards. Audit Committee Western has established a separately designated audit committee of the Board comprised of Andrew Wilder, Bryan Murphy, and Michael Skutezky. Our audit committee is responsible for oversight of audits, corporate governance, board nominations, and executive compensation. The Board has determined that one of its members, Andrew Wilder, who has previously served as Western’s Chief Financial Officer, qualifies as an “audit committee financial expert”. We have also determined that Mr. Wilder, Mr. Murphy, and Mr. Skutezky are independent directors as defined in Nasdaq Listing Rule 5605(a)(2). Governance, Nominating & Compensation Committee Western has established a separately designated Governance, Nominating & Compensation Committee of the Board comprised of Michael Skutezky (Chair of the Governance, Nominating & Compensation Committee), Andrew Wilder, and Bryan Murphy. Our Governance, Nominating & Compensation Committee is responsible to assist the Board in fulfilling its oversight responsibilities relating to establishing corporate governance policies, evaluating the effectiveness and independence of the directors of the Company planning Board composition, overseeing director education, and developing a management continuity plan along with a competitive compensation strategy to enhance the Company’s sustainable profitability and growth.   64 ITEM 11. EXECUTIVE COMPENSATION Summary Compensation Table The following table sets forth information regarding compensation earned by our named executive officers: Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) All Other Compensation ($) TOTAL ($) George Glasier (1) 2025 300,000 - - - 15,000 315,000 President and Chief Executive Officer 2024 300,000 31,500 - 102,667 15,000 449,167 Robert Klein (2) 2025 200,000 - - - 15,000 215,000 Chief Financial Officer 2024 200,000 21,500 - 102,667 15,000 339,167 Michael Rutter (3) 2025 185,000 - - - - 185,000 Chief Operating Officer 2024 185,000 18,500 - 89,833 - 293,333 (1) On November 24, 2024, Mr. Glasier was granted a non-qualified option to purchase 200,000 of our common shares at an exercise price of $0.94 (CAD $1.32) per share which expires five years from each of the respective vesting dates. This option will vest in three installments: one-third on January 31, 2025, one-third on July 31, 2025 and one-third on January 31, 2026. For each of the years December 31, 2025 and 2024, Mr. Glasier received a reimbursement of $15,000 in lieu of participation in Western’s health plan, which was initiated in 2023. (2) On November 24, 2024, Mr. Klein was granted a non-qualified option to purchase 200,000 of our common shares at an exercise price of $0.94 (CAD $1.32) per share which expires five years from each of the respective vesting dates. This option will vest in three installments: one-third on January 31, 2025, one-third on July 31, 2025 and one-third on January 31, 2026. For each of the years ended December 31, 2025 and 2024, Mr. Klein received a reimbursement of $15,000 in lieu of participation in Western’s health plan, which was initiated in 2023. (3) Mr. Rutter became an executive officer on January 30, 2024. On November 24, 2024, Mr. Rutter was granted a non-qualified option to purchase 175,000 of our common shares at an exercise price of $0.94 (CAD $1.32) per share which expires five years from each of the respective vesting dates. This option will vest in three installments: one-third on January 31, 2025, one-third on July 31, 2025 and one-third on January 31, 2026. Employment Agreements George Glasier On February 8, 2017, the Company entered into an employment agreement with George Glasier, its Chief Executive Officer. The employment agreement automatically renews each year unless either party provides a 90-day advance written notice of their desire to not renew the agreement. The employment agreement provides for a base salary of $180,000 per year, the amount of which is subject to review by the board of directors at least annually. The agreement also provides for a discretionary annual cash bonus to be determined by the Board. On May 30, 2019, the Board approved an addendum to Mr. Glasier’s employment agreement, increasing his annual base salary from $180,000 to $220,000. In December 2021, the Board approved an increase to Mr. Glasier’s base salary from $220,000 to $250,000. In January 2024, the Board approved an increase to Mr. Glasier’s base salary from $250,000 to $300,000. Pursuant to the employment agreement, if the Company terminates the employment agreement without cause, or if a change of control occurs, the Company is required to pay to Mr. Glasier a lump sum payment equal to two and one-half times his annual base salary. Robert Klein On November 12, 2020, the Company entered into a new employment agreement with Robert Klein, its Chief Financial Officer. The agreement was effective as of October 1, 2020 and has an initial term that ends on September 30, 2021. The agreement will automatically renew for successive annual terms unless either party provides a 90-day advance written notice of their intention not to renew. The agreement provides for a base salary of $150,000 per year, the amount of which is subject to review by the board of directors at least annually. Under the agreement, Mr. Klein is eligible to receive bonuses after the end of each calendar year or earlier in the discretion of the Board, and a bonus will also be considered upon the closing of a strategic transaction by the Company. In January 2024, the Board approved an increase to Mr. Klein’s base salary from $150,000 to $200,000. The agreement provides that Mr. Klein is eligible to participate generally in any employee benefit plan of the Company or its affiliates and to receive annual stock option grants under the Company’s incentive stock option plan in amounts to be determined and approved by the Board.   65 Outstanding Equity Awards Table The following table sets forth unexercised options, unvested stock and equity incentive plan awards outstanding for our named executive officers as of December 31, 2025. Outstanding Option Awards at December 31, 2025 Name Number of securities underlying unexercised options (#) exercisable Number of securities underlying unexercised options (#) unexercisable Option exercise price ($ CAD) Option expiration date George Glasier 66,667 - 1.76 02/09/2027 66,666 - 1.76 04/01/2027 66,667 - 1.76 07/01/2027 150,000 - 1.60 10/31/2027 150,000 - 1.60 04/30/2028 83,333 - 1.60 01/31/2029 83,333 - 1.60 07/31/2029 83,334 - 1.60 01/31/2030 66,666 - 1.32 1/31/2030 66,666 - 1.32 7/31/2030 - 66,668 1.32 1/31/2031 Robert Klein 66,667 - 1.76 02/09/2027 66,666 - 1.76 04/01/2027 66,667 - 1.76 07/01/2027 150,000 - 1.60 10/31/2027 150,000 - 1.60 04/30/2028 83,333 - 1.60 01/31/2029 83,333 - 1.60 07/31/2029 83,334 - 1.60 01/31/2030 66,666 - 1.32 1/31/2030 66,666 - 1.32 7/31/2030 - 66,668 1.32 1/31/2031 Michael Rutter 33,333 - 1.76 2/9/2027 33,334 - 1.76 4/1/2027 33,333 - 1.76 7/1/2027 75,000 - 1.60 10/31/2027 75,000 - 1.60 4/30/2028 75,000 - 1.60 1/31/2029 75,000 - 1.60 7/31/2029 75,000 - 1.60 1/31/2030 58,333 - 1.32 1/31/2030 58,333 - 1.32 7/31/2030 - 58,334 1.32 1/31/2031 Outstanding Stock Awards at Fiscal Year-End for 2025 None.   66 Director Compensation The following table sets forth a summary of the compensation for the fiscal year ended December 31, 2025 earned by each director who is not a named executive officer and who served on the Board during the year. Name Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) Total ($) Andrew Wilder (1) 42,941 - - 42,941 Bryan Murphy (2) 68,705 - - 68,705 Michael Skutezky (3) 42,941 - - 42,941 (1) During the year ended December 31, 2025, the Company incurred $42,941 in director fees for Mr. Wilder’s services as a Director. (2) During the year ended December 31, 2025, the Company incurred $68,705 in director fees for Mr. Murphy’s services as a Director. (3) During the year ended December 31, 2025, the Company incurred $42,941 in director fees for Mr. Skutezky’s services as a Director. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth information with respect to the beneficial ownership of our class of common shares as of April 14, 2026 by: ● each person, or group of affiliated persons, known to us to beneficially own more than 5% of our outstanding common shares; ● each of our directors and executive officers; and ● all of our directors and executive officers as a group. The amounts and percentages of common shares beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities. The information relating to our 5% beneficial owners is based on information we received from such holders and information that is publicly available in Schedule 13Ds and Schedule 13Gs filed with the SEC. Under the rules of the SEC, a person is deemed to be a “beneficial owner” of a security if that person has or shares voting power, which includes the power to vote or direct the voting of a security, or investment power, which includes the power to dispose of or to direct the disposition of a security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding for purposes of computing such person’s ownership percentage, but not for purposes of computing any other person’s percentage. Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest.   67 Except as otherwise set forth in the footnotes to the table below, the address of persons listed below is c/o Western Uranium & Vanadium Corp., 5 Church Street, Toronto, Ontario, Canada M5E 1M2. Unless otherwise indicated in the footnotes, each of the beneficial owners listed has, to our knowledge, sole voting and investment power with respect to the indicated common shares. Title of Class Name of Beneficial Owner Amount and Nature of Beneficial Ownership Percent of class (1) 5% or Greater Shareholders: Common shares George Glasier, CEO 6,362,829 (2) 8.7 % Common shares MMCAP International Inc. SPC 6,044,567 (3) 8.0 % Directors and Named Executive Officers: Common shares George Glasier, CEO 6,362,829 (2) 8.7 % Common shares Robert Klein, CFO 1,062,508 (4) 1.5 % Common shares Michael Rutter, COO 721,654 (5) 1.0 % Common shares Andrew Wilder 1,027,784 (6) 1.4 % Common shares Bryan Murphy 1,135,338 (7) 1.6 % Common shares Michael Skutezky 403,453 (8) 0.6 % All executive officers and directors as a group (6 persons) 10,713,566 13.9 % (1) Based on 71,853,888 common shares outstanding on April 14, 2026 and, with respect to each individual holder, rights to acquire our common shares exercisable within 60 days of April 14, 2026. (2) Consists of 5,028,516 common shares, 1,016,666 common shares issuable upon the exercise of stock options held by Mr. Glasier, and 117,647 common shares issuable upon the exercise of warrants held by Mr. Glasier. Also includes 200,000 common shares issuable upon the exercise of stock options held by Mr. Glasier’s spouse, the beneficial ownership of which Mr. Glasier disclaims. (3) Consists of 2,516,366 common shares and 3,528,201 common shares issuable upon the exercise of warrants beneficially owned by MMCAP International Inc. SPC. The address for MMCAP International Inc. SPC is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, Ontario, M5J 2S1, Canada. (4) Consists of 45,842 common shares and 1,016,666 common shares issuable upon the exercise of stock options held by Mr. Klein. (5) Consists of 13,321 common shares and 708,333 common shares issuable upon the exercise of stock options held by Mr. Rutter. (6) Consists of 11,118 common shares and 1,016,666 common shares issuable upon the exercise of stock options held by Mr. Wilder. (7) Consists of 56,172 common shares owned directly, 62,500 common shares beneficially owned indirectly through Magellan Limited, and 1,016,666 common shares issuable upon the exercise of stock options held by Mr. Murphy. (8) Consists of 10,000 common shares beneficially owned indirectly through Rhodes Capital Corporation, 20,000 common shares owned directly by Mr. Skutezky, 6,787 common shares issuable upon the exercise of warrants beneficially owned indirectly through Rhodes Capital Corporation, and 366,666 common shares issuable upon the exercise of stock options held by Mr. Skutezky.   68 Equity Compensation Plan Information The Company maintains the Plan that permits the granting of stock options as incentive compensation. Shareholders of the Company approved the Plan on June 30, 2008 and amendments to the Plan on June 20, 2013. The board of directors approved additional changes to the Plan on September 12, 2015. On October 1, 2021, the Company further amended the Plan. On May 24, 2023, the Board of Directors approved and on June 29, 2023 the shareholders approved an amendment to the Plan. 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 is to be administered by the Board in accordance with all applicable laws and regulations, including the policies of any stock exchange, over-the-counter marketplace, or quotation/system service upon which the Company’s securities are listed or traded. The Board is authorized, subject to the provisions of the Plan, to adopt such rules and regulations as it deems consistent with the Plan’s provisions and, in its sole discretion, to designate options to purchase shares of the Company pursuant to the Plan. The Board may delegate to a committee the authority to exercise any or all power and authority of the Board under the Plan, including the authority with respect to option grants and/or exercises, all to the extent stipulated by the Board when so delegated. The Board may authorize one or more individuals of the Company to execute, deliver and receive documents on behalf of the Board. At December 31, 2025, a total of 5,348,332 stock options issued under the Plan were outstanding. 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 December 31, 2025, a total of 71,853,888 common shares were outstanding. As of December 31, 2025, the maximum number of stock options eligible to be issued under the Plan would be 7,185,388, and net of 5,348,332 options outstanding as of December 31, 2025, there remain 1,837,056 stock options available to be issued under the Plan. The Plan provides that if an optionee’s employment is terminated for any reason, or if the service of a director, senior executive or consultant of the Company who is an optionee is terminated, any vested stock option of such optionee may be exercised during a period of ninety (90) days following the date of termination of such employment or service, as the case may be. In the case of an optionee’s death, any vested stock option of such optionee at the time of death may be exercised by his or her personal representative, heirs or legatees or their liquidator during a period of one year following such optionee’s death. The total number of common shares issuable to any one person during a 12-month period may not exceed ten percent (10%) of the total number of common shares issued and outstanding. Also, in any 12-month period, no options exercisable for more than 2% of the Company’s issued and outstanding shares may be awarded to consultants. The Plan provides that where options are cancelled or lapse under the Plan, the associated common shares become available again and new options may be granted in respect thereof in accordance with the provisions of the Plan. The Board may make any amendment to the Plan, without shareholder approval, except an increase in the number of common shares reserved for issue under the Plan or a reduction of an option exercise price. The terms of any existing option may not be altered, suspended or discontinued without the consent in writing of the Optionee. Equity Compensation Plan Information As of December 31, 2025 Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted- average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Plan Category (a) (b) (c) Equity compensation plans approved by shareholders 5,348,332 $ 1.16 1,837,056 Equity compensation plans not approved by shareholders - n/a - Total 5,348,332 $ 1.16 1,837,056   69 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Transactions with Related Persons We have transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows: 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 $333,349 (AUD $500,000) to Seller within 60 days of the first commercial application of the Kinetic Separation technology. The Company assumed this contingent payment obligation in connection with the acquisition of Black Range. At the date of the acquisition of Black Range, this contingent obligation was determined to be probable. Since the deferred contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $333,349 and $309,138 as of December 31, 2025 and 2024, respectively. 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. The independent committee supervised the negotiation of and approved Western’s entry into the PRC agreement. Of the total cash paid to the sellers, $414,584 was paid to George Glasier and $24,875 was paid to an affiliate of Andrew Wilder. We have multiple lease arrangements with Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier. These leases, which are all on a month-to-month basis, are for the rental of office, workshop, warehouse and employee housing facilities. In connection with these arrangements, we incurred rent expense of $108,546 and $106,500 for the years ended December 31, 2025 and 2024, respectively. We are obligated to pay Mr. Glasier for reimbursable expenses in the amount of $74,063 and $83,554, included within accounts payable and accrued liabilities, as of December 31, 2025 and 2024, respectively. During the yeas ended December 31, 2024, we purchased equipment from Silver Hawk Ltd. for $9,000, respectively. There were no purchases from Silver Hawk Ltd. during the year ended December 31, 2025. In connection with the Company’s June 13, 2025 private placement, of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr. Glasier for his participation in the private placement. In December 2025, Mr. Glasier acquired an aggregate of 100,000 common shares of the Company at a price of $0.35 (CAD $0.48 as of December 31, 2025). Director Independence The Board of Directors facilitates its exercise of independent supervision over management by ensuring representation on the Board by directors who are independent of management and by promoting frequent interaction and feedback. Directors are considered to be independent if they have no direct or indirect material relationship with the Company. A “material relationship” is a relationship which could, in the view of the Board, be reasonably expected to interfere with the exercise of a director’s independent judgment.   70 The Company’s Board currently consists of three directors. Currently, Andrew Wilder, Bryan Murphy and Michael Skutezky are independent directors based upon the tests for independence set forth in National Instrument 52-110 Audit Committees . SEC rules require a separate determination of independence of the Company’s directors based on the definition of independence of a U.S. national securities exchange or inter-dealer quotation system which has requirements that a majority of the board of directors be independent. Because the Company’s common shares are not currently listed on a national securities exchange, we currently use the definition in Nasdaq Listing Rule 5605(a)(2) for determining director independence. Under that definition, Andrew Wilder, Bryan Murphy and Michael Skutezky would be considered independent directors. Mr. Wilder, Mr. Murphy and Michael Skutezky would also be considered independent directors under Rule 5605(c)(2)’s provisions relating to audit committee composition. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The following table sets forth the aggregate fees billed by MNP LLP (“MNP”), our independent registered accounting firm for the fiscal years ended December 31, 2025 and 2024. These fees are categorized as audit fees, audit-related fees, tax fees, and all other fees. The nature of the services provided in each category is described in the table below. 2025 2024 Audit fees $ 130,181 $ 127,354 Audit-related fees - - Tax fees 20,755 15,836 All other fees - - Total fees $ 150,936 $ 143,190 Audit fees: Consist of fees billed for professional services rendered for the audit of the consolidated financial statements and review of the quarterly interim consolidated financial statements. These fees also include the review of registration statements and the delivery of consents in connection with registration statements. Audit-related fees: There were no fees billed by MNP for professional services rendered for audit-related services for the years ended December 31, 2025 and 2024. Tax fees: Consists of fees incurred for the Company’s U.S. and Canadian tax preparation fees and tax consulting fees. All other fees: There were no fees billed by MNP for professional services rendered for other compliance purposes for the years ended December 31, 2025 and 2024. The Company’s Board of Directors has established pre-approval policies and procedures, pursuant to which the Board approved the foregoing audit and tax services provided by MNP in 2025 and 2024 consistent with the Board’s responsibility for engaging Western’s independent auditors. The Board also considered whether the non-audit services rendered by our independent registered public accounting firm are compatible with an auditor maintaining independence. The Board has determined that the rendering of such services is compatible with MNP maintaining its independence.   71 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES Documents Filed as Part of This Report. (a) The following financial statements are being filed as part of this Annual Report. Consolidated Financial Statements of Western Uranium & Vanadium Corp. and Subsidiaries Page No. Report of Independent Registered Public Accounting Firm (Public Company Accounting Oversight Board (“PCAOB”) ID: 1930 ) F-1 Consolidated Balance Sheets as of December 31, 2025 and 2024 F-2 Consolidated Statements of Operations and Other Comprehensive Income (Loss) for the years ended December 31, 2025 and 2024 F-3 Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2025 and 2024 F-4 Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 F-5 Notes to Consolidated Financial Statements F-6   72 (b) The following exhibits are being provided as required by Item 601 of Regulation S-K. Exhibit No. Description 2.1 (1) Share Exchange Agreement between Pinon Ridge Mining LLC, Homeland Uranium Inc., Homeland Uranium (Utah), et al., dated November 6, 2014. 2.2 (1) Merger Implementation Agreement between Black Range Minerals Limited and Western Uranium Corporation, dated March 20, 2015. 2.3 (1) Credit Facility between Western Uranium Corporation and Black Range Minerals Limited, dated March 20, 2015. 2.4 (2) Termination and Liquidation Agreement between Ablation Technologies LLC, Black Range Minerals Ablation Holdings Inc. and Mineral Ablation, LLC dated March 17, 2015 3.1 (1) Certificate of Incorporation, as amended. 3.2 (1) Amended and Restated By-laws. 4.1 (8) Description of Capital Stock 10.1 (3) Call Option Agreement 10.2 (2) Technology License Agreement between Ablation Technologies LLC and Black Range Mineral Ablation Holdings Inc. dated as of March 17, 2015 10.3 (9) Incentive Stock Option Plan (Rolling 10%), as amended 10.4 (4) Employment Agreement between George Glasier and Western Uranium & Vanadium Corporation dated February 8, 2017 10.5 (4) Employment Agreement between Robert Klein and Western Uranium & Vanadium Corporation dated May 12, 2017 10.6 (5) Employment Agreement between Robert Klein and Western Uranium & Vanadium Corporation dated November 13, 2017 10.7 (6) Addendum to Employment Agreement between George Glasier and Western Uranium & Vanadium Corporation dated May 30, 2019 10.8 (7) Employment Agreement, dated November 12, 2020, by and between Robert Klein and Western Uranium and Vanadium Corp. 14.1 (10) The Code of Business Conduct and Ethics 19.1 (10) Disclosure, confidentiality and Insider Trading Policy 21.1* List of Subsidiaries 23.1* Consent of Independent Registered Public Accounting Firm 31.1* Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer 32.1* Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer 95* Mine Safety Disclosure Exhibit 101.INS Inline XBRL Instance Document.* 101.SCH Inline XBRL Taxonomy Extension Schema Document.* 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.* 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.* 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.* 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.* 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).* + Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish a copy of the omitted schedules and exhibits to the SEC upon request. * Filed herewith (1) Previously filed as an exhibit to the Company’s Form 10 filed on April 29, 2016 (2) Previously filed as an exhibit with Amendment No. 2 to the Company’s Form 10 filed on July 22, 2016 (3) Previously filed as an exhibit with Amendment No. 1 to the Company’s Form 10 filed on June 22, 2016 (4) Previously filed as an exhibit to the Company’s Form 10-Q filed on May 15, 2017 (5) Previously filed as an exhibit to the Company’s Form 10-K filed on April 2, 2018 (6) Previously filed as an exhibit to the Company’s Form 10-Q filed on August 14, 2019 (7) Previously filed as an exhibit to the Company’s Form 10-Q filed on November 16, 2020 (8) Previously filed as an exhibit to the Company’s Form 10-K filed on April 15, 2022 (9) Previously filed as an exhibit to the Company’s Proxy filed on May 31, 2023 (10) Previously filed as an exhibit to the Company’s Form 10-K filed on April 15, 2025 ITEM 16. FORM 10-K SUMMARY None   73 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. WESTERN URANIUM & VANADIUM CORP. Date: April 15, 2026 By: /s/ George Glasier George Glasier Chief Executive Officer and President Date: April 15, 2026 By: /s/ Robert Klein Robert Klein Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Dated: April 15, 2026 By: /s/ George Glasier George Glasier Chief Executive Officer, President and Director (Principal Executive Officer) Dated: April 15, 2026 By: /s/ Robert Klein Robert Klein Chief Financial Officer (Principal Financial and Accounting Officer) Dated: April 15, 2026 By: /s/ Bryan Murphy Bryan Murphy Director Dated: April 15, 2026 By: /s/ Andrew Wilder Andrew Wilder Director Dated: April 15, 2026 By: /s/ Michael Skutezky Michael Skutezky Director   74 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Western Uranium & Vanadium Corp. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Western Uranium & Vanadium Corp. and subsidiaries (the “Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations and other comprehensive loss, changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the results of its consolidated operations and its consolidated cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Material Uncertainty Related to Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has incurred losses from operations and is dependent upon future sources of equity or debt financing in order to fund its operations, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Chartered Professional Accountants Licensed Public Accountants We have served as the Company’s auditor since 2015. Mississauga, Canada April 15, 2026 F- 1 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Stated in USD) As of December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 5,620,630 $ 5,482,631 Restricted cash, current portion 75,057 75,057 Prepaid expenses 262,941 352,058 Other current assets 188,019 77,936 Total current assets 6,146,647 5,987,682 Restricted cash, net of current portion 1,162,496 737,936 Property, plant & equipment and mineral properties, net 17,649,747 17,702,569 Kinetic separation intellectual property 9,488,051 9,488,051 Total assets $ 34,446,941 $ 33,916,238 Liabilities and Shareholders’ Equity Liabilities Current liabilities: Accounts payable and accrued liabilities $ 687,426 $ 672,041 Asset retirement obligations, current portion 75,057 75,057 Total current liabilities 762,483 747,098 Asset retirement obligations, net of current portion 340,107 335,041 Deferred tax liability 2,708,887 2,708,887 Deferred contingent consideration 333,349 309,138 Total liabilities 4,144,826 4,100,164 Commitments and Contingencies (Note 4) Shareholders’ Equity Common shares, no par value, unlimited authorized shares, 71,854,194 and 59,383,002 shares issued as of December 31, 2025 and 2024, respectively, and 71,853,888 and 59,382,696 shares outstanding as of December 31, 2025 and 2024, respectively 66,677,062 58,979,839 Treasury shares, 306 shares held in treasury as of December 31, 2025 and 2024 - - Accumulated deficit ( 36,105,817 ) ( 28,929,894 ) Accumulated other comprehensive loss ( 269,130 ) ( 233,871 ) Total shareholders’ equity 30,302,115 29,816,074 Total liabilities and shareholders’ equity $ 34,446,941 $ 33,916,238 The accompanying notes are an integral part of these consolidated financial statements. F- 2 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (Stated in USD) For the Years Ended December 31, 2025 2024 Revenues $ 425,448 $ 183,803 Expenses Mining expenditures 4,447,119 5,285,140 Professional fees 581,224 613,403 General and administrative 2,283,333 3,599,460 Consulting fees 399,696 1,020,577 Total operating expenses 7,711,372 10,518,580 Operating loss ( 7,285,924 ) ( 10,334,777 ) Interest income, net 106,207 224,738 Other income (expense), net 3,794 ( 1,998 ) Net loss ( 7,175,923 ) ( 10,112,037 ) Other comprehensive loss Foreign currency translation adjustment ( 35,259 ) ( 159,862 ) Comprehensive loss $ ( 7,211,182 ) $ ( 10,271,899 ) Net loss per share - basic and diluted $ ( 0.11 ) $ ( 0.18 ) Weighted average shares outstanding - basic and diluted 64,055,465 55,084,225 The accompanying notes are an integral part of these consolidated financial statements. F- 3 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Stated in USD) Common Shares Treasury Shares Accumulated Accumulated Other Comprehensive Shares Amount Shares Amount Deficit Loss Total Balance as of January 1, 2024 50,002,089 $ 49,661,910 306 $ - $ ( 18,817,857 ) $ ( 74,009 ) $ 30,770,044 Private placement - November 2024, net of offering costs 4,142,906 3,546,870 - - - - 3,546,870 Proceeds from the exercise of warrants 5,198,540 4,605,458 - - - - 4,605,458 Cashless exercise of stock options 39,161 - - - - - - Stock based compensation - stock options - 1,165,601 - - - - 1,165,601 Foreign currency translation adjustment - - - - - ( 159,862 ) ( 159,862 ) Net loss - - - - ( 10,112,037 ) - ( 10,112,037 ) Balance as of December 31, 2024 59,382,696 $ 58,979,839 306 $ - $ ( 28,929,894 ) $ ( 233,871 ) $ 29,816,074 Private placement - June 2025, net of offering costs 5,911,786 3,331,687 - - - - 3,331,687 Private placement - October 2025, net of offering costs 6,555,556 3,806,270 - - - - 3,806,270 Cashless exercise of stock options 3,850 - - - - - - Stock-based compensation expense - 559,266 - - - - 559,266 Foreign currency translation adjustment - - - - - ( 35,259 ) ( 35,259 ) Net loss - - - - ( 7,175,923 ) - ( 7,175,923 ) Balance as of December 31, 2025 71,853,888 $ 66,677,062 306 $ - $ ( 36,105,817 ) $ ( 269,130 ) $ 30,302,115 The accompanying notes are an integral part of these consolidated financial statements. F- 4 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Stated in USD) For the Years Ended December 31, 2025 2024 Cash Flows Used In Operating Activities: Net loss $ ( 7,175,923 ) $ ( 10,112,037 ) Reconciliation of net loss to cash used in operating activities: Depreciation 822,765 613,610 (Gain) loss on the sale of equipment ( 4,494 ) 1,998 Accretion of asset retirement obligations 5,066 12,971 Stock-based compensation 558,221 1,142,541 Change in marketable securities - 385 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 20,966 ) 83,575 Accounts payable and accrued liabilities 15,385 ( 89,082 ) Asset retirement obligations - 80,508 Contingent consideration 24,211 ( 31,512 ) Net cash used in operating activities ( 5,775,735 ) ( 8,297,043 ) Cash Flows Used In Investing Activities Purchase of property, plant & equipment and mineral properties ( 795,618 ) ( 3,395,888 ) Proceeds from sale of equipment 30,169 4,000 Net cash used in investing activities ( 765,449 ) ( 3,391,888 ) Cash Flows Provided By Financing Activities Proceeds from private placement, net 7,137,957 3,546,870 Proceeds from warrant exercises - 4,605,458 Net cash provided by financing activities 7,137,957 8,152,328 Effect of foreign exchange rate on cash ( 34,214 ) ( 136,802 ) Net increase (decrease) in cash and cash equivalents and restricted cash 562,559 ( 3,673,405 ) Cash and cash equivalents and restricted cash - beginning 6,295,624 9,969,029 Cash and cash equivalents and restricted cash - ending $ 6,858,183 $ 6,295,624 Cash and cash equivalents $ 5,620,630 $ 5,482,631 Restricted cash, current portion 75,057 75,057 Restricted cash, noncurrent 1,162,496 737,936 Total cash and cash equivalents and restricted cash $ 6,858,183 $ 6,295,624 Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $ - $ 7,879 Income taxes $ - $ - The accompanying notes are an integral part of these consolidated financial statements. F- 5 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 1 – BUSINESS Nature of Operations Western Uranium & Vanadium Corp. (“Western” or the “Company”) was incorporated in December 2006 under the Ontario Business Corporations Act. On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange (“CSE”). As part of that process, the Company acquired 100 % of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company. The transaction constituted a reverse takeover (“RTO”) of Western by PRM. Subsequent to obtaining appropriate shareholder approvals, the Company reconstituted its Board of Directors and senior management team. Western is a Canadian domestic issuer and Canadian reporting issuer. The Company’s registered office is located 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”). Under United States Securities and Exchange Commission (“Commission”) rules, this transaction triggered the Company being deemed a United States domestic issuer and losing its foreign private issuer exemption. On April 29, 2016, the Company filed a Form 10 registration statement with the Commission after converting its basis of accounting from International Financial Reporting Standards (“IFRS”) to generally accepted accounting principles in the United States (“U.S. GAAP”). On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer. 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 trading liability provisions of Section 16 under the Exchange Act, (3) the ability to make periodic filings with the Commission on the Form 20-F and Form 6-K foreign issuer forms, and (4) the ability to offer and sell unrestricted securities outside of the United States pursuant to Rule 903 of Regulation S. The Company intends to take advantage of these accommodations. However, the Company currently has decided to voluntarily continue to file periodic reports with the Commission using domestic issuer forms including filing annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. 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. F- 6 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 2 – Liquidity and going concern With the exception of the quarter ended June 30, 2022, the Company has incurred losses from its operations. During the years ended December 31, 2025 and 2024, the Company generated net losses of $ 7,175,923 and $ 10,112,037 , 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 December 31, 2025 and 2024, the Company had an accumulated deficit of $ 36,105,817 and $ 28,929,894 , respectively, and working capital of $ 5,384,164 and $ 5,240,584 , respectively. 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 October 14, 2025, the Company closed a brokered private placement of 6,555,556 units at a price of $ 0.64 (CAD $ 0.90 ) per unit. The aggregate gross proceeds raised in the private placement amounted to $ 4,202,281 (CAD $ 5,900,000 ) and proceeds net of issuance costs were $ 3,806,270 (CAD $ 5,344,010 ). 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 ). Of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr. Glasier for his participation in the private placement (see Note 8). 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 the 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 operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing. Management’s plans include seeking to procure additional funds through debt and equity financing, to secure regulatory approval to fully utilize its kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of mineral resources to generate operating cash flows. There are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient 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. These conditions raise substantial doubt about the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. F- 7 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation These consolidated financial statements are presented in United States dollars and have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The accompanying consolidated 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. (“Mustang”). 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 Commission, through the completion of a “final” or “bankable” feasibility study for any of its uranium projects. Segment Information In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, Segment Reporting , operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance (the “CODM”). For the Company, its CODM is its Chief Executive Officer . The Company views its operations and manages its business as one operating and reporting segment. This single segment reflects the Company’s core business, which is the production of uranium minerals. The Company’s CODM regularly reviews the segment net income (loss) that also is reported on the statement of operations and other comprehensive loss as net income (loss). The measure of segment assets is reported on the balance sheet as total consolidated assets. F- 8 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED 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. 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 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 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. By their nature, these estimates are subject to measurement uncertainty, and the effects on the 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. F- 9 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED 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. (Ontario)) 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 consolidated balance sheets. 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 December 31, 2025 and 2024. 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 asset retirement obligation (“ARO”) (see Note 4), they have been separately disclosed and classified as long-term for the majority of the Company’s mines. As of December 31, 2025 and 2024, the Company has determined that the Van 4 Mine is considered to be in reclamation. The Company reflects the Van 4 Mine’s asset retirement obligation and its restricted cash in full on the Company’s consolidated balance sheets as current (see Note 4). 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 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 receipts are recognized as revenues based upon production (see Note 4). 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. A portion of the Company’s operating and financing activities are conducted 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. F- 10 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED Impairment of Long-Lived Assets The Company reviews and evaluates its long-lived assets and Kinetic Separation technology for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Mineral properties are monitored for impairment based on factors such as mineral prices, direct and indirect costs, mineral grades, mining capabilities, equipment and manpower capacity constraints, and government regulation, the Company’s continued right to explore the area, mine development findings and its continued plans to fund its mining and development programs along with the development of its planned Mustang Mineral Processing Mill. Impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows or upon an estimate of fair value that may be received in an exchange transaction. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected uranium and vanadium prices (considering current and historical prices, trends, and related factors), production levels and fixed and variable operating costs of production. The Company’s long-lived assets (which principally include its mineral assets and Kinetic Separation intellectual property) were acquired during the end of 2014 and in 2015 in arms-length transactions. During the year ended December 31, 2024, the Company acquired a parcel of land upon which it intends to develop and construct a facility for the processing of mineral resources (see Note 4). As of December 31, 2025, the Company evaluated the total estimated future cash flows on an undiscounted basis for its mineral properties and Kinetic Separation intellectual property and determined that no impairment was deemed to exist. The Company’s estimates of future cash flows are based on numerous assumptions, and it is possible that actual future cash flows will be significantly different than the estimates, as future quantities of recoverable minerals, uranium and vanadium prices, production levels, costs and capital are each subject to significant risks and uncertainties. Changes in these estimates and assumptions could result in the impairment of the Company’s long-lived assets. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. Income Taxes The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged in an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is more than 50 percent likely to be realized upon settlement. A liability for unrecognized tax benefits is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was required to be reported. The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expense. There were no amounts accrued for penalties and interest for the years ended December 31, 2025 and 2024. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals, or material deviations from its position. The Company has identified its federal Canadian and United States tax jurisdictions and its state tax jurisdictions in Colorado and Utah as its “major” tax jurisdictions, and such returns for the years 2019 through 2024 remain subject to examination. F- 11 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED Asset Retirement Obligations Various federal and state mining laws and regulations require the Company to reclaim the surface areas and restore underground water quality for its mine projects to the pre-existing mine area average quality after the completion of mining. When an asset will require future reclamation and remediation costs, which include extraction equipment removal and environmental remediation, an ARO is accrued at the end of each period based on management’s best estimate of the costs expected to be incurred for each project. Such estimates are determined by the Company’s engineering studies which consider the costs of future surface and groundwater activities, current regulations, actual expenses incurred, and technology and industry standards. In accordance with the FASB ASC 410, Asset Retirement and Environmental Obligations , the Company capitalizes the measured fair value of asset retirement obligations to mineral properties. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. The asset retirement obligations are accreted to an undiscounted value until the time at which they are expected to be settled. The accretion expense is charged to earnings and the actual retirement costs are recorded against the asset retirement obligations when incurred. Any difference between the recorded asset retirement obligations and the actual retirement costs incurred will be recorded as a gain or loss in the period of settlement. At each reporting period, the Company reviews the assumptions used to estimate the expected cash flows required to settle the asset retirement obligations, including changes in estimated probabilities, amounts and timing of the settlement of the asset retirement obligations, as well as changes in the legal obligation requirements at each of its mineral properties. Changes in any one or more of these assumptions may cause revision of asset retirement obligations for the corresponding assets. 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. 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 expenses the grant date fair value over the period for which it is expected to be earned. For employees and consultants, this is typically considered to be the vesting period of the award. F- 12 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED Net Loss Per Share Basic net loss per share is computed by dividing 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 years ended December 31, 2025 and 2024 is the same for both basic and fully diluted. Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive. For the Years Ended December 31, 2025 2024 Warrants to purchase common shares 22,523,059 9,718,345 Options to purchase common shares 5,348,332 5,723,336 Total potentially dilutive securities 27,871,391 15,441,681 Recently Adopted Accounting Pronouncements In December 2023, the FASB, issued Accounting Standards Update (“ASU”), 2023-09 – Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. The Company adopted ASU 2023-09 during the fourth quarter of the year ended December 31, 2025 on a prospective basis. The adoption of this ASU had no material impact on the Company’s consolidated financial position, results of operations, or cash flows. Additional required disclosure has been included within Note 9. 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. 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. 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 is still evaluating the full extent of the potential impact of the adoption of ASU 2024-03. In December 2025, the FASB issued ASU 2025-11 – Interim Reporting (Topic 270) – Narrow-Scope Improvements, which improves the guidance in Interim Reporting (Topic 270) by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The standard is effective for public companies for annual periods beginning after December 15, 2027. Early adoption is available. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2025-11. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. Other than as described in Note 4 and Note 11, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. F- 13 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY The Company’s property, plant & equipment and mineral properties, net and kinetic separation intellectual property are: Estimated As of December 31, Useful Lives 2025 2024 Mineral properties N/A $ 11,942,469 $ 11,688,841 Mining equipment 5 years 3,565,645 3,260,879 Vehicles 5 years 1,124,896 1,094,297 Plant facilities 5 - 10 years 332,431 207,490 Software 5 years 9,120 9,120 Construction in progress N/A 76,466 36,343 Land N/A 2,334,050 2,334,050 Total property, plant & equipment and mineral properties $ 19,385,077 $ 18,631,020 Less: accumulated depreciation 1,735,330 928,451 Property, plant & equipment and mineral properties, net $ 17,649,747 $ 17,702,569 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 December 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; 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. The Company is obligated to remit a 1.0 % royalty based upon the market value of uranium recovered from these mining properties. 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 December 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 years ended December 31, 2025 and 2024, Western made purchases of $ 795,618 and $ 3,395,888 , to increase the Company’s mining and processing capacities. During the years ended December 31, 2025 and 2024, depreciation expense was $ 822,765 and $ 613,610 , of which $ 818,695 and $ 613,610 was included in mining expenditures and $ 4,070 and $ 0 was included in general and administrative on the Company’s consolidated statements of operations and other comprehensive loss, respectively. F- 14 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY, continued Mustang Mineral Mill Site On October 1, 2024, Western, through its wholly owned subsidiary, Western Utah, executed a binding stock purchase agreement (the “PRC Agreement”) to purchase 100 % of the shares of PRC from a private investor group and thereby acquire Mustang, which is a wholly owned subsidiary of PRC. Mustang owns an 880 -acre property located in Montrose County, Colorado, where a uranium processing mill was previously licensed but never constructed. The acquisition becomes the second property that Western has acquired, in addition to the Maverick site in Utah. It also becomes 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. The Company assumed an obligation to an unrelated third party to remit a royalty based on the volume of minerals processed through any mineral processing plant located on the property. This transaction was accounted for as the purchase of an asset. 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. The independent committee supervised the negotiation of and approved Western’s entry into the PRC Agreement. The purchase price consisted of the following components: Cash paid to sellers, of which $ 414,584 was paid to George and Kathy Glasier and $ 24,875 was paid to an affiliate of Andrew Wilder $ 829,167 Cash paid to retire the principal and interest on the loan the seller had assumed 1,148,125 Total $ 1,977,292 The purchase price was allocated as shown below: Cash $ 8,781 Land 1,982,093 Accrued expenses ( 13,582 ) Total $ 1,977,292 F- 15 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY, continued 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 are recognized after title for stockpiled ore passes to the Purchaser. Such title passes upon the Purchaser having received, weighed and graded the deliveries for the lot. During the year ended December 31, 2025, the Company recognized revenue from the sale of ore, net of royalty, of $ 297,285 . As of December 31, 2025, included within other current assets on the consolidated balance sheet, was a receivable from the Purchaser in the amount of $ 45,503 . On June 12, 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. Acquisition of Uranium Claims On October 8, 2025, PRM closed on the purchase of a 50 % interest in a package of unpatented mineral lode claims (the “Claims”). PRM paid $ 250,000 for a 50 % ownership interest in a drilled-out uranium-vanadium deposit situated on 240 acres that is located on BLM land in Montrose County, Colorado and $ 3,625 for cost of sale, which are included within property, plant & equipment and mineral properties, net on the consolidated balance sheet. The 50 % of mineral claims that are not owned by PRM continue to be owned by Mr. George Glasier, the Company’s CEO. The Uranium Ridge Project is located in close proximity to the Company’s proposed Mustang Mineral Processing Plant. F- 16 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY, continued 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. 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. The Company 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 December 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 years ended December 31, 2025 and 2024, the Company recognized aggregate revenue of $ 128,163 and $ 183,803 , respectively, under these oil and gas lease arrangements. Asset Retirement Obligations The Company’s mines are subject to certain 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 the AROs 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. During the year ended December 31, 2025, in connection with the Company’s Sage Mine, the Company incurred additional gross and discounted asset retirement obligations of $ 24,396 and $ 6,713 , respectively. The Company determined the aggregate gross AROs of the mineral properties to be $ 1,187,553 and $ 1,163,978 as of December 31, 2025 and 2024, respectively. The portion of the asset retirement obligations related to the Van 4 Mine, which is in reclamation as of December 31, 2025 and 2024, and its related restricted cash are included in current liabilities and current assets, respectively, at a value of $ 75,057 . During the years ended December 31, 2025 and 2024, the Company’s internal mining operations team has been performing the Van 4 Mine reclamation work, and through December 31, 2025, the State of Colorado has not yet reduced the associated asset retirement obligation amount. Western’s operations team completed the last of the Van 4 reclamation work prior to the reclamation deadline. The Company submitted its surety reduction request application to the State of Colorado on January 7, 2026 for a reduction of the financial warranty based on current site conditions and consideration of reclamation activities completed. On March 19, 2026, the State of Colorado concluded its review and approved the Company’s request and reduced the financial warranty to $ 49,350 . 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 December 31, 2025 and 2024. The net discounted aggregated values as of December 31, 2025 and 2024 were $ 415,164 and $ 410,098 , respectively. On March 13, 2025 and July 31, 2025, the Company remitted $ 351,131 and $ 24,489 , respectively, in connection with the reevaluation of reclamation costs for existing mining properties. Financial warranties to secure AROs as of December 31, 2025 and 2024 were $ 1,187,553 and $ 812,993 , respectively. F- 17 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY, continued Asset Retirement Obligations, continued Asset retirement obligation activity consists of: For the Years Ended December 31, 2025 2024 Beginning balance as of January 1 $ 410,098 $ 316,619 Addition 6,713 - Adjustment to asset retirement obligations ( 19,307 ) 80,508 Accretion 17,660 12,971 Ending balance as of December 31 $ 415,164 $ 410,098 Less: Asset retirement obligations, current portion 75,057 75,057 Asset retirement obligations, net of current portion $ 340,107 $ 335,041 Topaz Mine Permitting Status 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. 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. 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 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 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 The San Rafael Uranium Project, located in Emery County, Utah, is being developed as a Company 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 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. This project will provide the baseline data needed for permitting application submission. F- 18 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY, continued 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 technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040. There are no remaining license fee obligations, and there are no future royalties due under the agreement. The Company has the right to sub-license the technology to third parties. The Company may not sell or assign the Kinetic Separation license; however, the license could be transferred in the case of a sale of the Company. The Company has developed improvements to Kinetic Separation during the term of the license agreement and retains ownership of, and may obtain patent protection on, any such improvements developed by the Company. The Kinetic Separation patent was filed on September 13, 2012 and granted on February 14, 2014 by the United States Patent Office. 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. 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 explored. NOTE 5 – Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of: As of December 31, 2025 2024 Trade accounts payable $ 545,559 $ 515,532 Accrued liabilities 141,867 156,509 Total accounts payable and accrued liabilities $ 687,426 $ 672,041 F- 19 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS Authorized Capital The holders of the Company’s common shares are entitled to one vote per share. Holders of common shares are entitled to ratably receive such dividends, if any, as may be declared by the board of directors, out of legally available funds. Upon the liquidation, dissolution, or winding down of the Company, holders of common shares are entitled to share ratably in all assets of the Company that are legally available for distribution. As of December 31, 2025 and 2024, an unlimited number of common shares were authorized for issuance. Private Placements On October 14, 2025, the Company closed a brokered private placement of 6,555,556 units at a price of $ 0.64 (CAD $ 0.90 ) per unit. The aggregate gross proceeds raised in the private placement amounted to $ 4,202,281 (CAD $ 5,900,000 ) and proceeds net of issuance costs were $ 3,806,270 (CAD $ 5,344,010 ). 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 $ 0.85 (CAD $ 1.20 ) per share for a period of 54 months following the closing date of the private placement. A total of 6,555,556 common shares and warrants to purchase 6,555,556 common shares were issued to investors and warrants to purchase 229,444 common shares were issued to broker dealers in connection with the private placement. 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. Of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr. Glasier for his participation in the private placement (see Note 8). On November 20, 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 ). 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 $ 1.27 (CAD $ 1.78 ) per share for a period of four years following the closing date of the private placement. Warrant Exercises During the year ended December 31, 2025, no warrants were exercised. During the year ended December 31, 2024, 5,198,540 warrants were exercised for total proceeds of $ 4,605,458 (CAD $ 6,238,248 ). F- 20 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED 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. These 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. Incentive Stock Option Plan The Company maintains an Incentive Stock Option Plan (the “Plan”) that permits the granting of stock options as incentive compensation. 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. As of December 31, 2025, a total of 71,853,888 common shares were outstanding. As of December 31, 2025, the maximum number of stock options eligible to be issued under the Plan would be 7,185,388 and net of 5,348,332 options outstanding as of December 31, 2025, there remain 1,837,056 stock options available to be issued under the Plan. Shareholder Rights Plan On May 24, 2023, the Company adopted and on June 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”). The Shareholder Rights Plan also provides the Board of Directors with time to pursue, if appropriate, other alternatives to maximize shareholder value in the event of a takeover bid. Pursuant to the terms of the Shareholder Rights Plan subject to a triggering event as defined in the Shareholder Rights Plan and as determined by the Board of Directors, rights (the “Rights”) will be issued to holders of Common Shares at a rate of one Right for each Share outstanding. Share Repurchase Program, NCIB On December 19, 2025, the Company implemented a normal course issuer bid (“NCIB”) to allow the Company to purchase up to 6,672,291 of its common shares representing approximately 10 % of the Company’s “public float” as of December 17, 2025, as defined under the policies of the CSE. The Company may purchase shares under the NCIB over a 12-month period beginning on December 19, 2025 and ending on December 18, 2026. Shares repurchased under the NCIB shall be purchased on the open market through the facilities of the CSE or Canadian alternative trading systems at the prevailing market price of the shares at the time of purchase and in accordance with the policies of the CSE and applicable Canadian securities laws. All shares purchased under the NCIB are required to be cancelled. The Company will fund any such purchases of shares under the NCIB with cash on hand. During the year ended December 31, 2025, no shares were repurchased under the NCIB. F- 21 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED Stock Options During the year ended December 31, 2025, there were no options granted. On November 24, 2024, the Board of Directors granted options under the Plan for the purchase of an aggregate of 1,375,000 common shares to individuals consisting of directors and officers of the Company. Each of these options have a term which ends five years from the vesting date, an exercise price of $ 0.94 (CAD $ 1.32 as of November 29, 2024) and vest equally in thirds on January 31, 2025, July 31, 2025 and January 31, 2026. On July 14, 2024, the Board of Directors granted an option under the Plan for the purchase of an aggregate of 100,000 common shares to a director of the Company. This option has a term which ends five years from the vesting date, an exercise price of $ 1.47 (CAD $ 2.00 as of July 14, 2024) and vests one half on each of July 31, 2024 and January 31, 2025. During the year ended December 31, 2025, the Company issued 3,850 common shares pursuant to the cashless exercise of an option to purchase 83,332 common shares with an exercise price of $ 0.79 (CAD $ 1.03 ). During the year ended December 31, 2024, the Company issued 39,161 common shares pursuant to the cashless exercise of an option to purchase 166,664 common shares with an exercise price $ 0.79 (CAD $ 1.03 ). 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 years ended December 31, 2025 December 31, 2024 Stock Price - CAD$ 1.29 – $ 2.00 Exercise Price - CAD$ 1.32 – $ 2.00 Dividend Yield - % 0 % Expected Volatility - % 75 % - 88 % Weighted Average Risk-Free Interest Rate - % 4.31 % Expected life (in years) - 2.55 – 3.69 Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (Years) Intrinsic Value Outstanding – January 1, 2025 5,723,336 $ 1.14 3.80 $ - Granted - - Forfeited and expired ( 291,672 ) 0.84 Exercised ( 83,332 ) 0.79 Outstanding – December 31, 2025 5,348,332 $ 1.16 3.01 $ - Exercisable – December 31, 2025 4,906,654 $ 1.18 2.83 $ - F- 22 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED Stock Options, continued The Company’s stock-based compensation expense (net of the effect of forfeitures) related to stock options for the year ended December 31, 2025 was $ 558,221 of which $ 104,570 and $ 453,651 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s 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 year ended December 31, 2024 was $ 1,142,541 , of which $ 251,557 and $ 890,984 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s consolidated statements of operations and other comprehensive loss. As of December 31, 2025, there was approximately $ 18,063 of unrecognized share-based compensation for unvested stock options, which is expected to be recognized over a weighted average period of 0.08 years. Warrants Number of Shares Weighted Average Exercise Price Weighted Average Contractual Life (Years) Intrinsic Value Outstanding – January 1, 2025 9,718,345 $ 1.52 2.76 $ - Issued 12,903,699 0.82 Exercised - - Expired/Forfeited ( 98,985 ) 2.00 Outstanding – December 31, 2025 22,523,059 $ 1.04 2.99 $ - Exercisable – December 31, 2025 22,523,059 $ 1.04 2.99 $ - F- 23 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 7 – Mining Expenditures For the Years Ended December 31, 2025 2024 Mining costs $ 1,975,945 $ 2,668,625 Permits 144,854 125,434 Labor and related benefits 2,321,020 2,486,443 Royalties 5,300 4,638 Total mining expenses $ 4,447,119 $ 5,285,140 Joint Venture During February 2024, PRM entered into a joint venture agreement with Rimrock Exploration and Development Inc. (“Rimrock”) to explore, develop and mine (the “Mining Operations”) certain uranium and vanadium permitted mines and mining claims located in Colorado and owned by Rimrock (the “JV”). Pursuant to the terms of the JV, Rimrock 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 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 years ended December 31, 2025 and 2024, PRM funded an aggregate of $ 1,573 and $ 235,210 , respectively (inclusive of funding the Initial Contribution) to the JV, which was expensed to mining expenditures within the 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. F- 24 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 8 – Related Party Transactions AND BALANCES The Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows: 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 $ 333,349 (AUD $ 500,000 ) to Seller within 60 days of the first commercial application of the Kinetic Separation technology. The Company assumed this contingent payment obligation in connection with the acquisition of Black Range. At the date of the acquisition of Black Range, this contingent obligation was determined to be probable. Since the deferred contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration as an assumed liability in the amount of $ 333,349 and $ 309,138 as of December 31, 2025 and 2024, respectively. The Company has multiple lease arrangements with Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier. These leases, which are all on a month-to-month basis, are for the rental of office, workshop, warehouse and employee housing facilities. The Company incurred rent expense of $ 108,546 and $ 106,500 in connection with these arrangements for the years ended December 31, 2025 and 2024, respectively. The Company is obligated to pay Mr. Glasier for reimbursable expenses in the amount of $ 74,063 and $ 83,554 , included within accounts payable and accrued liabilities, as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2024, the Company purchased approximately $ 9,000 of mining related equipment from Silver Hawk Ltd. There were no purchases from Silver Hawk Ltd. during the year ended December 31, 2025. F- 25 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 9 – Income Taxes For financial reporting purposes, income (loss) before taxes includes the following components: For the Years Ended December 31, 2025 2024 United States $ ( 5,352,722 ) $ ( 7,962,695 ) Foreign ( 1,823,201 ) ( 2,149,342 ) Total income (loss) before taxes $ ( 7,175,923 ) $ ( 10,112,037 ) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: As of December 31, 2025 2024 Deferred tax assets: Net operating loss carryovers $ 9,723,898 $ 8,493,862 Marketable securities 13,726 - Amortization capitalized cost 1,636,226 1,446,396 Stock-based compensation 746,875 778,953 Unrealized foreign exchange 91,522 106,996 Accretion expense 16,334 12,623 Charitable contributions 2,484 1,784 Deferred tax assets, gross 12,231,065 10,840,614 Less: valuation allowance ( 9,648,226 ) ( 8,336,707 ) Deferred tax assets, net 2,582,839 2,503,907 Deferred tax liabilities: Property and equipment ( 4,733,804 ) ( 4,777,770 ) Amortization annual expense ( 557,922 ) ( 435,024 ) Deferred tax liabilities, net $ ( 2,708,887 ) $ ( 2,708,887 ) The change in the Company’s valuation allowance is as follows: For the Years Ended December 31, 2025 2024 Beginning of year $ 8,336,707 $ 5,602,952 Increase in valuation allowance 1,311,519 2,733,755 End of year $ 9,648,226 $ 8,336,707 F- 26 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 9 – Income Taxes, Continued A reconciliation of the provision for income taxes with the amounts computed by applying the statutory federal income tax rate to income from operations before the provision for income taxes for the year ended December 31,2025 is as follows: For the Years Ended December 31, 2025 Income tax benefit at U.S. federal statutory rate $ ( 1,506,944 ) ( 21.0 )% State and local income taxes, net of federal income tax benefit - - % Change in valuation allowance 1,311,519 18.3 % Nontaxable or nondeductible items 5,010 - % Other % True-up to prior year return 41,112 0.6 % True-up of stock-based compensation 149,303 2.1 % Effective income tax rate $ - - % The reconciliation of the U.S. federal income tax provision for 2025 above reflects the adoption of ASU 2023-09 in the fourth quarter of the year ended December 31, 2025, on a prospective basis (see Note 3). The Company’s operations are principally in Colorado and Utah, however, there is no apportionable taxable income to either of these states. The reconciliation of the U.S. federal income tax provision at the statutory federal income tax rate of 21.0 % for the year ended December 31, 2024 to our provision for income taxes, as previously disclosed, prior to the adoption of ASU 2023-09, was as follows: For the Year Ended December 31, 2024 U.S. federal statutory rate ( 21.0 )% State and foreign taxes - % Permanent differences Stock-based compensation - % Other 0.1 % True-up to prior years return ( 5.7 )% Valuation allowance 26.6 % Other - % Effective income tax rate - % For the years ended December 31, 2025 and 2024, the Company’s effective tax rate was 0% , which consisted principally of a federal rate of 21 %, the Company’s estimate of state income taxes, primarily driven by changes in tax rate and apportionment changes net of the federal benefit and the change in the valuation allowance recorded against its deferred tax assets. The Company has net operating loss carryovers of approximately $ 34,251,942 for federal and state income tax purposes and net operating loss carryovers of $ 12,052,334 for Canadian provincial tax purposes which begin to expire in 2027 and 2035, respectively. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company. F- 27 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) Note 9 – Income Taxes, Continued Based on losses from inception, the Company determined that, as of December 31, 2025, it is more likely than not that the Company will not realize benefits from the deferred tax assets. The Company does not record income tax benefits in the consolidated financial statements until it is determined that it is more likely than not that the Company will generate sufficient taxable income to realize the deferred income tax assets. As a result of the analysis, the Company determined that a deferred tax asset valuation allowance of $ 9,648,226 and $ 8,336,707 was required as of December 31, 2025 and 2024, respectively. Internal Revenue Code (“IRC”) Section 382 imposes limitations on the use of net operating loss carryovers when the share ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis over a period of three years by more than 50 percentage points. Management cannot control any ownership changes that occur. Accordingly, there is a risk of an ownership change beyond the control of the Company that could trigger a limitation of the use of the loss carryover. The Company has not performed an analysis to determine whether or not such has occurred during either of the years ended December 31, 2025 and 2024. If such ownership change under IRC section 382 had occurred, such change would substantially limit the Company’s ability to utilize its net operating loss carryforwards in the future. In July 2025, U.S. tax legislation known as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, many of which are generally not effective until January 1, 2026. The OBBBA did not have a material effect on the Company’s consolidated financial statements for the year ended December 31, 2025. As of December 31, 2025 and 2024, management does not believe that the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its consolidated financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its consolidated financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. NOTE 10 – FINANCIAL INSTRUMENTS Fair Values The Company’s financial instruments consist of cash and cash equivalents, restricted cash - current, accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying values due to the short-term maturity of these instruments. The reclamation deposits, which are reflected in restricted cash on the consolidated balance sheets, are deposits mainly invested in interest bearing certificates of deposit at major financial institutions, and their fair values are estimated to approximate their carrying values. Foreign Currency Risk Foreign currency risk is the risk that changes in the rates of exchange on foreign currencies will impact the financial position or cash flows of the Company. The Company’s reporting currency is the United States dollar. The functional currency for Western standalone entity is the Canadian dollar. The Company is exposed to foreign currency risks in relation to certain activity that is to be settled in Canadian funds. Management monitors its foreign currency exposure regularly to minimize the risk of an adverse impact on its cash flows. F- 28 WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Stated in USD) NOTE 10 – FINANCIAL INSTRUMENTS, CONTINUED Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash. The Company limits its exposure to credit loss on its cash and restricted cash by placing its cash with high credit quality financial institutions. Liquidity Risk Liquidity risk is the risk that the Company’s consolidated cash flows from operations will not be sufficient for the Company to continue operating and discharge is liabilities. The Company is exposed to liquidity risk as its continued operation is dependent upon its ability to obtain financing, either in the form of debt or equity, or achieve profitable operations in order to satisfy its liabilities as they come due. As of December 31, 2025, the Company had working capital of $ 5,384,164 and cash and cash equivalents of $ 5,620,630 . Market Risk Market risk is the risk that fluctuations in the market prices of minerals will impact the Company’s future cash flows. The Company is exposed to market risk on the price of uranium and vanadium, which will determine its ability to build and achieve profitable operations, the amount of exploration and development work that the Company will be able to perform, and the number of financing opportunities that will be available. Management believes that it would be premature at this point to enter into any hedging or forward contracts to mitigate its exposure to specific market price risks. NOTE 11 – Subsequent eventS On January 15, 2026, the Board of Directors granted an aggregate of 1,350,000 options for the purchase of the Company’s common stock to the Company’s officers, directors and employees. Each of these options was granted under the Plan and had an exercise price of $ 0.65 (CAD $ 0.90 as of January 15, 2026). The options vest equally in three installments on January 31, 2026, July 31, 2026 and January 31, 2027. F- 29