Western Uranium & Vanadium Corp. Oil and Gas Lease Update

Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) ("Western" or "Company") would like to provide the following market update regarding its Weld County Colorado oil and gas lease, to clarify its attributes as its status has been the subject of investor speculation.

In 2015, the Company acquired Black Range Minerals Limited ("Black Range") which owned, among other assets, a non-core Weld County Colorado property called the Bullen Property. Black Range's Keota Uranium Project ran from 2008 to 2013, and at its peak there were five strategic interests which comprised approximately 3,300 acres in the Keota Uranium District. After the project ceased, the Bullen Property's 160 acres were the only acreage retained by Black Range in Weld County.

The Bullen Property is located within the Denver-Julesburg Basin (D-J Basin) giving it an oil and gas mineral value. In 2017, the full 160 acres were leased under a three year oil and gas lease for a $120,000 bonus payment to the Company.  In 2020, a three year extension of the lease was exercised for an additional bonus payment of $180,000. Notably, the lease agreement allows the Company to retain property rights to 139 surface acres and vanadium, uranium, and other mineral resources.

During 2020 Bison Oil & Gas traded this lease to Mallard Exploration ("Mallard"), Mallard filed an application with the Colorado Oil & Gas Conservation Commission ("COGCC") for a new order to establish a drilling and spacing unit and set the maximum number of horizontal wells that may be drilled. The field rules were approved on August 24, 2020 (COGCC Order No. 535-1325). This order pooled five adjoining parcels into a 3,200 acre pooled unit ("Unit") and set the maximum number of wells at 24. A total of 16 wells have been permitted in the Unit, and Mallard is currently in the process of drilling 8 wells in the southern portion of the Unit. These wells are expected to be completed and begin production by the 3 rd quarter. If the southern wells are successful, then it is likely Mallard will proceed to drill the next set of 8 wells in the northern portion of the Unit.

The Company has a 5% (160 acres / 3,200 acres) participation on all oil and gas production within the Unit. For all oil and gas substances that are physically produced and sold, a royalty of three-sixteenth (3/16th) of the sales proceeds will be payable under the lease. However, as a result of a 2019 lawsuit regarding the Weld County Colorado deed language, the Company settled by awarding the plaintiff a non-participating royalty interest of one-eighth (1/8th) of all hydrocarbon and non-hydrocarbon substances that are produced and sold from this property.  If operator targets are met, royalty payments could begin in the 4 th quarter.

Although royalties from Western's interest could potentially be sizable over the long-term, the value of Western's oil and gas interest is not currently considered material to the Company's valuation relative to its core uranium and vanadium resources.

A   bout Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.

Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or a "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements").  Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans;  whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com , for a more detailed review of those risk factors.  Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT :

George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com

Robert Klein
Chief Financial Officer
908-872-7686
rklein @western-uranium.com


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Western Uranium and Vanadium

Western Uranium and Vanadium

Overview

Western Uranium and Vanadium Corp. (CSE:WUC,OCTQX:WSTRF) is a near term producer of uranium and vanadium with six uranium-vanadium properties in western Colorado and eastern Utah. The company has also acquired and advanced to a production scale a patent-protected ablation technology that reduces the amount of pre-ablation material to 10 to 20 percent of its mass while maintaining 85 to 95 percent of the mineralization.

Western Uranium and Vanadium’s ablation technology has garnered the attention of many mining companies as it significantly reduces the costs of processing vanadium and uranium from sandstone deposits. In the case where 90 percent of the waste is removed, this technology would also reduce approximately 90 percent downstream processing and transportation costs. Additionally, the process has environmental applications for the remediation and reclamation of waste rock, protore and low-grade stockpiles created from legacy uranium mines.

Western Uranium and Vanadium has assembled a resource portfolio containing a core group of permitted and developed mines that are low CAPEX and OPEX to be brought into production. The company’s primary focus is on its Sunday Mine Complex in Colorado. The property hosts five fully-permitted and developed vanadium-uranium mines that Western Uranium and Vanadium is focusing its efforts to bring back into production in the near term. These mines were last in production in 2009.

As a result of ongoing discussions with several prospective vanadium customers, Western Uranium and Vanadium has initiated the re-opening of the Sunday Mine Complex. This program has been commenced with the goal of providing samples for evaluation in customer’s existing processing facilities and for further definition of the vanadium resource. Once completed, the 2015 technical report is expected to be updated accordingly. The ultimate end goal is to sign an offtake agreement that supports the restart economics to place the mine back into production. It is contemplated that the project can be initiated with the restart of two of the five mines and additional mines can be brought online to support offtake demand.

As Sunday Mine Complex is brought back in operation, Western Uranium and Vanadium intends to work towards bringing additional projects into production funded through the revenue generated at the Sunday Mine Complex. The company’s two other permitted and developed properties, Sage and Van 4, are expected to be the sixth and seventh mines developed and brought into production. Thereafter the company’s focus is expected to shift to the San Rafael, Hansen-Taylor Ranch and Dunn properties which need to enter the permitting phase prior to the development of those projects.

In addition to the low CAPEX and OPEX model that Western Uranium and Vanadium has been founded upon, Western Uranium and Vanadium President and CEO George Glasier brings a wealth of experience in acquiring and moving uranium and vanadium projects into production, having been the founder of Energy Fuels Inc. (TSX:EFR, NYSEMKT:UUUU), a leading producer of uranium and vanadium in the US. Additionally, Glasier notably holds 18 percent of Western’s shares.

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