Western Uranium & Vanadium Receives over $4.6M from Warrant Exercises

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) ("Western" or the "Company") is pleased to offer an update on its mining operations, highlighting significant achievements and outlining strategic goals for the upcoming year.

Exceptional Progress at the Sunday Mine Complex Project

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) ("Western" or the "Company") is excited to announce the elevation of Michael Rutter to the position of Chief Operating Officer and the addition of Bruce Norquist to the team as General Manager of Mining Operations.

Michael Rutter, who joined the company as Vice President of Operations in 2016, has been promoted to Chief Operating Officer. During his 22 years in the mining business, Mr.Rutter has gained extensive experience in conventional uranium and vanadium mining and mineral processing. This includes roles as Maintenance and Operations Superintendent for Energy Fuel Inc.'s production in Utah, Colorado, and Arizona. Previously, Mr. Rutter oversaw maintenance, planning, and development for Lisbon Valley Mining, a copper miner. In 2023, he played a pivotal role in establishing Western's in-house mining team, expanding its fleet of mining equipment and vehicles, and advancing the Maverick Minerals Processing Plant in Green River, Utah. His extensive history in mining, smelting, and refining, coupled with the years dedicated to advancing mining projects within the Company has prepared Michael to spearhead production expansion from Western's mines and processing plant.

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is providing the following updates:

Uranium Markets
A few months, have made 2023 an extraordinary year for uranium markets. From January through mid-August, uranium spot prices ("Spot") traded in a narrow range from $50 per pound to $57 per pound. Then in mid-August Spot began to rally surpassing the $60 and $70 price level in September. Well beyond expectations, Spot surpassed $80 price levels in November and $90 price levels in December. Over 15 year highs were achieved, price levels not seen since 2007. Uranium has been the best performing commodity in 2023.

FOR IMMEDIATE RELEASE.

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce the closing of its brokered private placement financing previously announced in the Company's news release issued on December 4, 2023 (the " Offering "). Pursuant to the Offering, Western has issued a total of 5,215,828 units at a price of Cdn$1.39 per unit (each, a " Unit ") for aggregate gross proceeds of approximately Cdn$7,250,000, with each Unit being comprised of one common share (each, a " Share ") and one half of one common share purchase warrant (each, a " Warrant "). Each Warrant is exercisable into one Share of the Company at a price of Cdn$1.88 per Share, for a period of four (4) years from the date of issuance. A total of 5,215,828 Shares and 2,607,913 Warrants were issued pursuant to the Offering.

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that it has entered into an agency agreement with A.G.P. Canada Investment ULC (" A.G.P. Canada ") pursuant to which A.G.P. Canada will act as sole agent and bookrunner for the Company on a "best efforts" agency basis in connection with a brokered private placement financing of up to 5,215,828 units at a price of Cdn$1.39 per unit for aggregate gross proceeds of up to Cdn$7,250,000 (the " Offering ").  Each unit to be placed in the Offering (each, a " Unit ") will be comprised of one common share and one half of one common share purchase warrant, each whole warrant being exercisable for one common share of the Company at a price of Cdn$1.88 per share, for a period of four (4) years.