What changed in this filing

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Item 1. Financial Statements

2026-05-14 compared with 2025-11-14 · 201 added, 368 removed, 437 unchanged (57% of the section changed)

4 unchanged sentences

(Stated in USD)

September 30,

Current assets:

18 unchanged sentences

Shareholders’ Equity

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

Treasury shares, 306 shares held in treasury as of September 30, 2025 and December 31, 2024

Common shares, no par value, unlimited authorized shares, 71,854,194 shares issued as of March 31, 2026 and December 31, 2025, and 71,853,888 shares outstanding as of March 31, 2026 and December 31, 2025

Treasury shares, 306 shares held in treasury as of March 31, 2026 and December 31, 2025

Accumulated deficit

7 unchanged sentences

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

OPERATIONS AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

For the Three Months Ended March 31,

Mining expenditures

6 unchanged sentences

( 2,668,774 )

( 5,819,250 )

( 7,540,784 )

Interest income, net

2 unchanged sentences

( 2,637,615 )

( 5,728,741 )

( 7,343,580 )

Other comprehensive (loss) income

Other comprehensive loss

Foreign currency translation adjustment

2 unchanged sentences

$ ( 2,652,950 )

$ ( 5,769,923 )

$ ( 7,534,441 )

Net loss per share - basic and diluted

3 unchanged sentences

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

(Stated in USD)

5 unchanged sentences

$ ( 269,130 )

Cashless exercise of stock options

Stock based compensation - stock options

5 unchanged sentences

$ ( 284,435 )

Private placement - June 2025, net of offering costs

Stock-based compensation - stock options

Foreign currency translation adjustment

( 1,968,534 )

Balance as of June 30, 2025

$ ( 33,536,043 )

$ ( 266,313 )

Stock-based compensation - stock options

Foreign currency translation adjustment

( 1,122,592 )

Balance as of September 30, 2025

$ ( 34,658,635 )

$ ( 275,053 )

Balance as of January 1, 2025

$ ( 28,929,894 )

Proceeds from the exercise of warrants

$ ( 233,871 )

Cashless exercise of stock options

6 unchanged sentences

$ ( 249,206 )

Stock-based compensation - stock options

Foreign currency translation adjustment

( 2,625,522 )

Balance as of June 30, 2024

$ ( 23,920,267 )

$ ( 278,888 )

Stock-based compensation - stock options

Foreign currency translation adjustment

( 2,241,170 )

Balance as of September 30, 2024

$ ( 26,161,437 )

$ ( 264,870 )

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

1 unchanged sentence

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF

(Stated in USD)

For the Nine Months Ended

September 30,

For the Three Months Ended March 31,

Cash Flows Used In Operating Activities:

2 unchanged sentences

Reconciliation of net loss to cash used in operating activities:

(Gain) loss on the sale of equipment

Loss on the sale of equipment

Accretion of asset retirement obligations

Stock-based compensation

Change in marketable securities

Changes in operating assets and liabilities:

8 unchanged sentences

Purchase of property, plant & equipment and mineral properties

( 1,182,935 )

Proceeds from sale of equipment

Net cash used in investing activities

( 1,178,935 )

Cash Flows Provided By Financing Activities

Proceeds from private placement, net

Proceeds from warrant exercises

Net cash provided by financing activities

Effect of foreign exchange rate on cash

55 unchanged sentences

As of the subsequent measurement date, June 30, 2025, Western

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

reconfirmed its qualification as a foreign private issuer for periods ending through December 31, 2026.

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

Note 2 – Liquidity and going concern

2 – Liquidity and going concern

With the exception of the quarter ended June 30,

2022, the Company has incurred losses from its operations.

During the three and nine months ended September 30, 2025, the Company generated

a net loss of $ 1,122,592 and $ 5,728,741 , 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 September 30, 2025,

the Company had an accumulated deficit of $ 34,658,635 and working capital of $ 3,136,193 .

During the three months ended March 31, 2026, the Company generated a net loss

of $ 1,600,837 .

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

processing facilities online and further expands its mining operations.

As of March 31, 2026, the Company had an accumulated deficit of

$ 37,706,654 and working capital of $ 4,236,069 .

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,

requirements principally through 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 $ 4,202,281 (CAD $ 5,900,000 ).

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

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

to purchase 5,198,540 common shares.

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

The Company’s ability to continue its planned

5 unchanged sentences

to meet its current operating costs.

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

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

be able to continue to fund its ongoing operations.

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

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

able to continue to fund its ongoing operations.

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

8 unchanged sentences

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s significant accounting policies

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

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

on April 15, 2025.

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

in the Annual Report on Form 10-K.

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

new policies.

The Company’s significant accounting policies are disclosed in

the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended

December 31, 2025, filed with the United States Securities and Exchange Commission (the “SEC”), on April 15, 2026.

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

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

Basis of Presentation and Principles of Consolidation

9 unchanged sentences

thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2025, as filed with the

Commission on April 15, 2025.

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

SEC on April 15, 2026.

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

2026 notwithstanding its foreign private issuer status.

Operating results for the three and nine months ended September 30, 2025 are

not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2025.

The accompanying condensed interim consolidated

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

Utah”), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado

LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals

Ablation Holdings Inc., Black Range Development Utah LLC, Maverick Strategic Minerals Corp (“Maverick”), Pinon Ridge Corporation

(“PRC”) and Mustang Mineral Processing Inc.

All inter-company transactions and balances have been

eliminated upon consolidation.

The Company has established the existence of

mineralized materials for certain uranium projects.

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

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

Operating results for the three months ended March 31, 2026 are not necessarily

indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2026.

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.

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

The Company has established the existence of mineralized

materials for certain uranium projects.

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

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

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

Note 3 – SUMMARY OF Significant Accounting Policies, CONTINUED

3 – SUMMARY OF Significant Accounting Policies, CONTINUED

Net Loss Per Share

5 unchanged sentences

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

computation of net loss per share for each of the three and nine months ended September 30, 2025 and 2024 is the same for both basic and

fully diluted.

computation of net loss per share for each of the three months ended March 31, 2026 and 2025 is the same for both basic and fully diluted.

Potentially dilutive securities outlined in the

1 unchanged sentence

anti-dilutive.

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

For the Three Months Ended

Warrants to purchase common shares

1 unchanged sentence

Total potentially dilutive securities

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards

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

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

The standard is effective for public companies for

annual periods beginning after December 15, 2024.

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

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

Recent Accounting Standards Not Yet Adopted

2 unchanged sentences

(Subtopic 220-40):

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

This ASU requires disclosures about specific

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

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

after December 15, 2027.

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.

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

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

Early adoption

is permitted.

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

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

Early adoption is permitted.

Company 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.

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

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

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:

Useful Lives As of

September 30,

Mineral properties N/A $ 11,942,469 $ 11,942,469

10 unchanged sentences

The Company’s mining properties acquired

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

The San Rafael Uranium Project located in Emery County,

on August 18, 2014 that the Company retains as of March 31, 2026 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.

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

These mining properties include leased land in the states

3 unchanged sentences

The Company’s mining properties acquired

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

on September 16, 2015 that the Company retains as of March 31, 2026 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.

2 unchanged sentences

extracted as originally planned and anticipated.

During the nine months ended September 30, 2025

and 2024, Western made purchases of $ 400,426 and $ 1,182,935 , to increase the Company’s mining and processing capacities.

the three and nine months ended September 30, 2025, depreciation expense was $ 210,207 and $ 610,715 , of which $ 208,986 and $ 607,866 was

included in mining expenditures and $ 1,221 and $ 2,849 was included in general and administrative on the Company’s condensed interim

consolidated statements of operations and other comprehensive loss, respectively.

During the three and nine months ended September 30,

2024, depreciation expense was $ 168,782 and $ 433,148 , respectively, which was included in mining expenditures on the Company’s condensed

interim consolidated statements of operations and other comprehensive loss.

During the three months ended March 31, 2026 and

2025, Western made purchases of $ 10,000 and $ 166,507 , to increase the Company’s mining and processing capacities.

During the three

months ended March 31, 2026 and 2025, depreciation expense was $ 219,310 and $ 196,383 , of which $ 218,089 and $ 195,976 was included in mining

expenditures and $ 1,221 and $ 407 was included in general and administrative, respectively, on the Company’s condensed interim consolidated

statements of operations and other comprehensive loss.

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

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

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

Ore Purchase Agreement

3 unchanged sentences

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 three and nine months ended September 30,

2025, the Company recognized revenue from the sale of ore, net of royalty, of $ 297,285 .

As of September 30, 2025, included within other

current assets on the consolidated balance sheet, was a receivable from the Purchaser in the amount of $ 297,285 .

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

acquiring this permit allowed the Company to commence deliveries in June 2025.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

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

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

Mill in Blanding, Utah.

PRM was required to make deliveries at its own cost and the purchase price per ton was based upon the average

grade of uranium of each lot, and other qualifying conditions.

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

payment (“Provisional Payment”) calculated based upon the sampled grade and an agreed upon pricing schedule.

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.

There were no deliveries of uranium bearing ore

to Purchaser during the three months ended March 31, 2026.

Revenue related to shipments were recognized after title for stockpiled ore

passed to the Purchaser.

Such title passes upon the Purchaser having received, weighed and graded the deliveries for the lot.

31, 2026, included within other current assets on the consolidated balance sheet, was a receivable from the Purchaser related to deliveries

during 2025 in the amount of $ 45,503 .

Oil and Gas Lease and Easement

6 unchanged sentences

term of the easement.

As of September 30, 2025, all sixteen (16) wells remain in production and monthly royalty payments will be ongoing

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

During the three months ended September 30, 2025

and 2024, the Company recognized aggregate revenue of $ 31,107 and $ 52,981 , respectively, and for the nine months ended September 30, 2025

and 2024, the Company recognized aggregate revenue of $ 102,837 and $ 147,035 , respectively, under these oil and gas lease arrangements.

As of March 31, 2026, all sixteen (16) wells remain in production and monthly royalty payments will be ongoing in

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

During the three months ended March 31, 2026 and

2025, the Company recognized aggregate revenue of $ 27,351 and $ 41,221 , respectively, under these oil and gas lease arrangements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

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

Asset Retirement Obligations

2 unchanged sentences

The AROs of the United States mines

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

by the applicable regulatory authorities.

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

connection with the mineral properties.

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

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

The Company determined the aggregate gross AROs

of the mineral properties to be $ 1,187,553 and $ 1,163,978 as of September 30, 2025 and December 31, 2024, respectively.

The portion of

the asset retirement obligations related to the Van 4 Mine, which is in reclamation as of September 30, 2025, and its related restricted

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

During the three and nine months ended

September 30, 2025, the Company’s internal mining operations team has been performing the Van 4 Mine reclamation work, and the State

of Colorado has not yet reduced the associated asset retirement obligation amount.

of the mineral properties to be $ 1,187,553 and $ 1,187,553 as of March 31, 2026 and December 31, 2025, respectively.

The portion of the

asset retirement obligations related to the Van 4 Mine, which is in reclamation as of March 31, 2026 and its related restricted cash are

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

The Company’s internal mining operations

team completed the last of the Van 4 reclamation work prior to the March 2, 2025 reclamation deadline and continues to wait for revegetation

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 and

the Company is expecting to receive a refund of its financial warranty in the amount of $ 25,707 during the second quarter of 2026.

The Company’s asset retirement obligations

3 unchanged sentences

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 September 30, 2025 and December 31, 2024.

The net discounted aggregated values as of September 30, 2025 and December 31, 2024 were $ 410,569 and $ 410,098 , respectively.

13, 2025, the Company remitted $ 351,131 in connection with the reevaluation of reclamation costs for existing mining properties.

warranties to secure AROs as of September 30, 2025 and December 31, 2024 were $ 1,187,553 and $ 812,993 , respectively.

reclamation costs, discounted using a credit adjusted risk-free interest rate of 5.4 % as of March 31, 2026 and December 31, 2025.

net discounted aggregated values as of March 31, 2026 and December 31, 2025 were $ 419,720 and $ 415,164 , respectively.

Financial warranties

to secure AROs as of March 31, 2026 and December 31, 2025 were $ 1,187,553 and $ 1,187,553 , respectively.

Asset retirement obligation activity consists of:

For the Three Months Ended

Beginning balance as of January 1

Adjustment to asset retirement obligations

Ending balance as of March 31

Asset retirement obligations, current portion

Asset retirement obligations, net of current portion

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

– 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 Nine Months Ended

September 30,

Beginning balance at January 1

Adjustment to asset retirement obligations

Ending Balance at September 30

Asset retirement obligations, current portion

Asset retirement obligations, net of current portion

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

Topaz Mine Permitting Status

16 unchanged sentences

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

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

BLM clock by making an amended submission.

A new monitor well has been installed at Topaz, and consultants have begun a baseline water testing study for the BLM resubmission,

but the Company has not yet restarted the BLM clock by making an amended submission.

San Rafael Permitting Status

1 unchanged sentence

County, Utah, is being developed as a Company production facility.

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

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

to the BLM that was approved for a mineral and groundwater exploration project.

12 unchanged sentences

(Stated in USD)

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

PROPERTY, continued

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

Kinetic Separation Intellectual Property

36 unchanged sentences

Accounts payable and accrued liabilities consist of:

September 30, 2025

December 31, 2025

15 unchanged sentences

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

As of September

As of March 31,

2026 and December 31, 2025, an unlimited number of common shares were authorized for issuance.

Private Placements

On June 13, 2025, the Company closed a private

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

The aggregate gross proceeds raised in the private placement amounted

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

Each unit is comprised of one common

share of Western and one common share purchase warrant.

Each warrant is exercisable into one common share at a price of $ 0.77 (CAD $ 1.05 )

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

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

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

in connection with the private placement.

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).

Warrant Exercises

There were no warrant exercises during the three

and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2024, an aggregate of 0 and 5,198,540 warrants

were exercised for total proceeds of $0 and $ 4,605,458 (CAD $ 6,238,248 ).

Warrant Modification

On November 28, 2024, The Company’s Board

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

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

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

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

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

Effective February 27, 2025 the exercise price was

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

Form 13 filing was approved for filing.

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

arising from the extension of the term.

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

of the exercise price.

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

This modification was granted

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

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

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY

INSTRUMENTS, CONTINUED

Incentive Stock Option Plan

7 unchanged sentences

options are granted.

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

As of September 30, 2025, the maximum

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

As of March 31, 2026, a total of 71,853,888 common shares were outstanding.

As of March 31, 2026, the maximum number

of stock options eligible to be issued under the Plan would be 7,185,388 and net of 6,615,000 options outstanding as of March 31, 2026,

there remain 570,388 stock options available to be issued under the Plan.

9 unchanged sentences

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

Stock Options

There were no stock options granted during the

nine months ended September 30, 2025.

During the nine months ended September 30, 2024, the Company granted a stock option to a director

for the purchase of 100,000 shares of common stock with a weighted average grant date fair value of $ 0.80 per share.

During the nine months ended September 30, 2025,

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

exercise price of $ 0.79 (CAD $ 1.03 ).

During the nine months ended September 30, 2024,

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

price of $ 0.79 (CAD $ 1.03 ).

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

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 three months ended March 31, 2026, no shares were repurchased

under the NCIB.

WESTERN URANIUM & VANADIUM CORP.

4 unchanged sentences

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Stock Options, continued

Stock Options

On January 15, 2026, the Board of Directors granted

options under the Plan for the purchase of an aggregate of 1,350,000 common shares to individuals consisting of officers, directors and

employees of the Company.

Each of these options has a term which ends five years from the vesting date and an exercise price of $ 0.65

(CAD $ 0.90 as of January 15, 2026), and vests equally in three installments on January 31, 2026, July 31, 2026 and January 31, 2027.

There were no options granted during the three

months ended March 31, 2025.

There were no options exercised during the three

months ended March 31, 2026.

During the three months ended March 31, 2025,

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

price of $ 0.79 (CAD $ 1.03 ).

Shares Weighted

2 unchanged sentences

Outstanding – January 1, 2026 5,348,332 $ 1.16 3.01 $ -

Granted 1,350,000 0.65

Forfeited and expired ( 83,332 ) 1.10

Exercised ( 83,332 ) 0.79

Outstanding – September 30, 2025 5,390,000 $ 1.16 3.27 $ -

Exercisable – September 30, 2025 4,931,654 $ 1.18 3.08 $ -

Outstanding – March 31, 2026 6,615,000 $ 1.06 3.28 $ -

Exercisable – March 31, 2026 5,714,996 $ 1.12 2.92 $ -

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Stock Options, continued

The Company’s stock-based compensation expense

(net of the effect of forfeitures) related to stock options for the three months ended September 30, 2025 was $ 89,372 of which $ 17,875

and $ 71,497 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s condensed

interim consolidated statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense related

to stock options for the three months ended September 30, 2024 was $ 149,038 , of which ($ 3,918 ) and $ 152,956 was included in mining expenditures

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

and other comprehensive loss.

The Company’s stock-based compensation expense (net of the effect of forfeitures) related to stock

options for the nine months ended September 30, 2025 was $ 510,461 of which $ 102,107 and $ 408,354 was included in mining expenditures and

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

other comprehensive loss.

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

30, 2024 was $ 893,688 , of which $ 203,607 and $ 690,081 was included in mining expenditures and general and administrative expenses, respectively,

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

As of September 30, 2025,

there was approximately $ 74,921 of unrecognized share-based compensation for unvested stock options, which is expected to be recognized

over a weighted average period of 0.34 years.

(net of the effect of forfeitures) related to stock options for the three months ended March 31, 2026 was $ 238,000 , of which $ 31,591 and

$ 206,409 was included in mining expenditures and general and administrative expenses, respectively, on the Company’s condensed interim

consolidated statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense (net of the effect

of forfeitures) related to stock options for the three months ended March 31, 2025 was $ 271,138 , of which $ 54,242 and $ 216,896 was included

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

of operations and other comprehensive loss.

The weighted average grant date fair value per share of the options granted during the three

months ended March 31, 2026 was $ 0.30 .

As of March 31, 2026, there was approximately $ 190,377 of unrecognized share-based compensation

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

Shares Weighted

Exercise Price Weighted

Life (Years) Intrinsic

Price Weighted

(Years) Intrinsic

Outstanding – January 1, 2026 22,523,059 $ 1.04 2.99 $ -

Issued 6,118,699 0.77

Expired/Forfeited ( 98,985 ) 2.00

Outstanding – September 30, 2025 15,738,059 $ 1.12 2.68 $ 87,902

Exercisable – September 30, 2025 15,738,059 $ 1.12 2.68 $ 87,902

Expired ( 2,868,541 ) 1.39

Outstanding – March 31, 2026 19,654,518 $ 0.99 3.17 $ -

Exercisable – March 31, 2026 19,654,518 $ 0.99 3.17 $ -

WESTERN URANIUM & VANADIUM CORP.

3 unchanged sentences

(Stated in USD)

Note 7 – Mining Expenditures

7 – Mining Expenditures

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Labor and related benefits

Total mining expenses

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 three months ended

September 30, 2025 and 2024, PRM funded an aggregate of $ 99 and $ 55,643 , respectively (inclusive of funding the Initial Contribution)

to the JV, which was expensed to mining expenditures within the condensed interim consolidated statements of operations and other comprehensive

loss and reflected within mining cost in the table above.

During the nine months ended September 30, 2025 and 2024, PRM funded an aggregate

of $ 593 and $ 234,192 , respectively (inclusive of funding the Initial Contribution) to the JV, which was expensed to mining expenditures

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

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

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 8 – Related Party Transactions AND BALANCES

8 – Related Party Transactions AND BALANCES

The Company has transacted with related parties

10 unchanged sentences

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

liability in the amount of $ 330,988 and $ 309,138 as of September 30, 2025 and December 31, 2024, respectively.

liability in the amount of $ 344,150 and $ 333,349 as of March 31, 2026 and December 31, 2025, respectively.

The Company has multiple lease arrangements with

3 unchanged sentences

The Company incurred rent expense of $ 26,325

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

The Company incurred

rent expense of $ 79,921 and $ 76,175 in connection with these arrangements for the nine months ended September 30, 2025 and 2024, respectively.

in connection with these arrangements for each of the three months ended March 31, 2026 and 2025.

The Company is obligated to pay Mr.

reimbursable expenses in the amount of $ 45,038 and $ 83,554 , included within accounts payable and accrued liabilities, as of September

reimbursable expenses in the amount of $ 8,124 and $ 74,063 , included within accounts payable and accrued liabilities, as of March 31, 2026

and December 31, 2025, respectively.

During the nine months ended September 30, 2024,

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

NOTE 9 – Subsequent eventS

Private Placement

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 ).

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.

A 7 % cash commission

and broker warrants equal to 3.5 % of the number of units sold, each exercisable into one common share at the issue price for a period

of 54 months following the closing date, will be issued to the sole underwriter in connection with the offering.

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.

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.

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

What changed 10-Q

Item 1. Financial Statements