UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ______________to ______________

 Commission File Number 000-55626

 WESTERN URANIUM & VANADIUM CORP.

 (Exact Name of Registrant as Specified in Its Charter)

 Ontario, Canada

 98-1271843

 (State or Other Jurisdiction of
 Incorporation or Organization)

 (I.R.S. Employer

Identification Number)

 5 Church Street
 Toronto, Ontario, Canada

 M5E 1M2

 (Address of Principal Executive Offices)

 (Zip Code)

 (970) 864-2125

 (Registrant's
Telephone Number, Including Area Code)

 Securities registered pursuant to Section
12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of exchange on which registered

 N/A

 Securities registered pursuant to Section
12(g) of the Act:

 Common Shares

 (Title of Class)

 Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or 15(d) of the Act. Yes No

 Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes No

 Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging
growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.

 Indicate by check mark whether the registrant has filed a report on
and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during
the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes No

 As of June 30, 2024, the last business day of
the registrant's most recently completed second fiscal quarter, the aggregate market value of the registrant's common shares
held by non-affiliates of the registrant was approximately $ 63.9 million, based on the closing price of the registrant's common
shares of $1.27 per share.

 As of April 14, 2025, 59,386,546 of the registrant's no par value
common shares were outstanding.

 WESTERN URANIUM & VANADIUM CORP.

 FORM 10-K

 USE OF NAMES

 ii

 CURRENCY

 ii

 FORWARD-LOOKING STATEMENTS AND INTRODUCTION

 ii

 CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES & RESERVES

 ii

 GLOSSARY

 v

 GLOSSARY OF REGULATORY AGENCIES AND EXCHANGES

 vii

 ITEM 1.

 BUSINESS

 ITEM 1A.

 RISK FACTORS

 ITEM 1B.

 UNRESOLVED STAFF COMMENTS

 ITEM 1C.

 CYBERSECURITY

 ITEM 2.

 PROPERTIES

 ITEM 3.

 LEGAL PROCEEDINGS

 ITEM 4.

 MINE SAFETY DISCLOSURES

 ITEM 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.

 [RESERVED]

 ITEM 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.

 CONTROLS AND PROCEDURES

 ITEM 9B.

 OTHER INFORMATION.

 ITEM 9C.

 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.

 EXECUTIVE COMPENSATION

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.

 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15.

 EXHIBITS, AND FINANCIAL STATEMENT SCHEDULES

 ITEM 16.

 FORM 10-K SUMMARY

 SIGNATURES

 i

 USE OF NAMES

 As used in this Form 10-K annual report, unless
the context otherwise requires, the terms "we," "us," "our," "Western" and "WUC",
or the "Company" refer to Western Uranium & Vanadium Corp., an Ontario Canadian corporation, and its subsidiaries.

 CURRENCY

 The accounts of the Company are reported in U.S.
dollars. Unless otherwise specified, all dollar amounts referenced in this Form 10-K annual report and the consolidated financial statements
are stated in U.S. dollars.

 FORWARD-LOOKING STATEMENTS AND INTRODUCTION

 The statements contained in this document that
are not purely historical are "forward-looking statements." Although we believe that the expectations reflected in such forward-looking
statements, including those regarding future operations, are reasonable, we can give no assurance that such expectations will prove to
be correct. Forward-looking statements are not guarantees of future performance and they involve various risks and uncertainties. Forward-looking
statements contained in this document include statements regarding our proposed services, market opportunities and acceptance, expectations
for revenues, cash flows and financial performance, and intentions for the future. Such forward-looking statements are included
under Item 1. "Business" and Item 7. "Management's Discussion and Analysis of Financial Condition and
Results of Operations". All forward-looking statements included in this document are made as of the date hereof, based on information
available to us as of such date, and we assume no obligation to update any forward-looking statement. It is important to note that
such statements may not prove to be accurate and that our actual results and future events could differ materially from those anticipated
in such statements. Among the factors that could cause actual results to differ materially from our expectations are those described
under Item 1. "Business," Item 1A. "Risk Factors" and Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations". All subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in their entirety by this section and other factors included elsewhere in
this document.

 CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES
& RESERVES

 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 plans 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. On the subsequent measurement date, June 30, 2024, Western
reconfirmed its qualification as a foreign private issuer.

 On October 31, 2018,
the SEC adopted the Modernization of Property Disclosures for Mining Registrants (the "New Rule"), introducing significant
changes to the existing mining disclosure framework to better align it with international industry and regulatory practice, including
Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), a rule developed
by the Canadian Securities Administrators (the "CSA") that establishes standards for all public disclosure an issuer makes
of scientific and technical information concerning mineral projects. The New Rule was codified as 17 CFR Subpart 220.1300 and 229.601(b)(96)
(collectively, "S-K 1300") and replaced SEC Industry Guide 7. Pursuant to the New Rule, issuers are required to comply with
S-K 1300 as of their annual reports for the first fiscal year beginning on or after January 1, 2021.

 ii

 Unless otherwise indicated,
the following terms, when used in this Form 10-K annual report, have the meanings given them in S-K 1300. The applicable S-K 1300 definitions
are copied below.

 S-K 1300 Terms and
Definitions:

 Exploration stage issuer is an issuer that has
no material property with mineral reserves disclosed.

 Exploration stage property is a property that
has no mineral reserves disclosed.

 Feasibility study is a comprehensive technical
and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying
factors, as defined in S-K 1300, together with any other relevant operational factors, and detailed financial analyses that are necessary
to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for
a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.

 (1)
 A feasibility study is more comprehensive, and with a higher
degree of accuracy, than a pre-feasibility study, as defined in S-K 1300. It must contain mining, infrastructure, and process designs
completed with sufficient rigor to serve as the basis for an investment decision or to support project financing.

 (2)
 The confidence level in the results of a feasibility study
is higher than the confidence level in the results of a pre-feasibility study. Terms such as full, final, comprehensive, bankable, or
definitive feasibility study are equivalent to a feasibility study.

 Indicated mineral resource is that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling.
The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying
factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral
resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may
only be converted to a probable mineral reserve.

 Inferred mineral resource is that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling.
The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic
factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred
mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying
factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the
economic viability of a mining project, and may not be converted to a mineral reserve.

 Measured mineral resource is that
part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying
factors, as defined in S-K 1300, in sufficient detail to support detailed mine planning and final evaluation of the economic viability
of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated
mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable
mineral reserve, each as defined in S-K 1300.

 iii

 Mineral reserve is an estimate of
tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis
of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource,
which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

 Mineral resource is a concentration
or occurrence of material of economic interest in or on the earth's crust in such form, grade or quality, and quantity that there are
reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant
factors such as cut-off grade, likely mining dimensions, location or continuity that, with the assumed and justifiable technical and economic
conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled
or sampled.

 Qualified person is an individual who is:

 (1)
 a mineral industry professional with at least five years of
relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person
is undertaking on behalf of the registrant; and

 (2)
 an eligible member or licensee in good standing of a recognized
professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization,
it must:

 (i)
 be either:

 (A)
 an organization recognized within the mining industry as a reputable
professional association; or

 (B)
 a board authorized by U.S. federal, state or foreign statute
to regulate professionals in the mining, geoscience or related field;

 (ii)
 admit eligible members primarily on the basis of their academic
qualifications and experience;

 (iii)
 establish and require compliance with professional standards
of competence and ethics;

 (iv)
 require or encourage continuing professional development;

 (v)
 have and apply disciplinary powers, including the power to
suspend or expel a member regardless of where the member practices or resides; and

 (vi)
 provide a public list of members in good standing.

 iv

 GLOSSARY

 The following defined technical terms are
used in this Annual Report:

 Area
 of influence method: Method used to calculate mineral resources that requires construct a polygon around each hole to determine
 an area of influence for that hole; and then the total volume directly beneath the polygon is assigned the same values as the
 drill hole from which we constructed the polygon.

 Assay: The testing of a metal or ore to determine its ingredients and quality.

 Copper: A red-brown metal, the chemical element of atomic number 29.

 Crosscut: A horizontal opening driven from a shaft and (or near) right angles to the strike of a vein or other orebody.

 Drift: A horizontal underground opening that follows along the length of a vein or rock formation as opposed to a crosscut which crosses the rock formation.

 Environmental Impact Assessment: A multi-step procedure done to evaluate the environmental impacts of mining projects as well as actions that can be taken to mitigate identified impacts. The assessment is prepared under the National Environmental Policy Act for a mineral project.

 eU 3 O 8: This
 term refers to equivalent U 3 O 8 grade derived by gamma logging of drill holes.

 Extraction: The process of physically extracting mineralized material from the ground. Exploration continues during the extraction process and, in many cases, mineralized material is expanded during the life of the extraction activities as the exploration potential of the deposit is realized.

 Environmental Protection Plan (EPP): a plan submitted by a designated mining operation for approval as part of the operator's or applicant's permit for such operation pursuant to rules promulgated by the board for protection of human health or property or the environment in conformance with the duties of operators.

 Face: The surface/end of a drift, crosscut or stope in which work is taking place/advancing.

 Formation: A distinct layer of sedimentary or volcanic rock of similar composition.

 Grade: Quantity or percentage of metal per unit weight of host rock.

 Host rock: The rock containing a mineral or an ore body.

 In-situ recovery or ISR: The recovery, by chemical means, of the uranium component of a deposit without the physical extraction of uranium-bearing material from the ground. ISR utilizes injection of appropriate oxidizing chemicals into a uranium-bearing sandstone deposit by injection wells, with the uranium-bearing solution being removed by extraction wells; also referred to as "solution mining."

 Mineral: A naturally formed chemical element or compound having a definite chemical composition and, usually, a characteristic crystal form.

 Mineralization: A natural occurrence, in rocks or soil, of one or more metal yielding minerals.

 Mineralized material: Material that contains mineralization (e.g., uranium, vanadium and/or copper) and that is not included in an SEC Reserve as it does not meet all of the criteria for adequate demonstration of economic or legal extraction.

 v

 NOI: A Notice of Intent, filed by the Company to a regulatory agency as a part of a licensing or permitting action related to a mineral project.

 Open Pit: Surface mineral extraction in which the mineralized material is extracted from a pit or quarry.

 Ore: Mineral-bearing rock that can be mined, processed and concentrated profitably under current or immediately foreseeable economic conditions. A company may only refer to reserves (as that term is defined in S-K 1300) as "ore."

 Ore body: A mostly solid and fairly continuous mass of in-ground mineralization estimated to be economically mineable.

 Plan of Operations: Plan for a mineral project prepared in accordance with applicable United States Bureau of Land Management or United States Forest Service regulations.

 Reclamation: The process by which lands disturbed as a result of mineral extraction activities are modified to support beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery, and other physical remnants of mining activities, closure of tailings storage facilities, leach pads, and other features, and contouring, covering and re-vegetation of waste rock, and other disturbed areas.

 Stope: An excavation in a mine from which ore is, or has been excavated.

 Uranium: a
 heavy, naturally radioactive, metallic element of atomic number 92. Uranium in its pure form is a heavy metal. Its two principal
 isotopes are U-238 and U-235, of which U-235 is the necessary component for the nuclear fuel cycle. However, "uranium"
 used in this Annual Report refers to triuraniumoctoxide, also called "U3O8" and the primary component of
 "yellowcake," and is produced from uranium deposits. It is the most actively traded uranium-related
 commodity.

 Uranium concentrate: a yellowish to yellow-brownish powder obtained from the chemical processing of uranium-bearing material. Uranium concentrate typically contains 70% to 90% U3O8 by weight. Uranium concentrate is also referred to as "yellowcake."

 Vanadium: A naturally occurring element within approximately 65 minerals and fossil fuel deposits. It is essentially the by-product of ores that are mined for other minerals.

 V 2 O 5: Vanadium
 pentoxide, or the form of vanadium typically produced at the White Mesa Mill, also called "black flake."

 vi

 GLOSSARY OF REGULATORY AGENCIES AND EXCHANGES

 APCD: Colorado Air Pollution Control Division

 BLM: The U.S. Bureau of Land Management, an agency of the United States Department of the Interior.

 DRMS: Colorado Division of Reclamation, Mining and Safety

 DoC: The U.S. Department of Commerce, an executive department of the federal government.

 DoE: The U.S. Department of Energy, a cabinet-level department of the United States Government.

 DEQ: Department of Environmental Quality.

 DWQ: The Utah Division of Water Quality.

 EPA: The U.S. Environmental Protection Agency, an independent agency of the United States government.

 MLRB: Mined Land Reclamation Board of the state of Colorado.

 MSHA: The Mine Safety and Health Administration, an agency of the U.S. Department of Labor.

 NRC: The Nuclear Regulatory Commission, an independent agency of the United States government.

 SEC: The U.S. Securities and Exchange Commission, an independent agency of the United States federal government.

 WQCD: Colorado Water Quality Control Division

 vii

 ITEM 1. BUSINESS

 CORPORATE HISTORY

 Western Uranium & Vanadium Corp. ("Western"
or the "Company", formerly Western Uranium Corporation) 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 subsequently reconstituted its board of directors and senior management team. Western is a Canadian
domestic issuer and Canadian reporting issuer.

 On August 18, 2014, the Company closed on
the purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp. Assets purchased included both owned
and leased lands in Utah and Colorado, and all represent properties that have been previously mined for uranium to varying degrees
in the past. The acquisition included the purchase of the Sunday Mine Complex. The Sunday Mine Complex is located in western San
Miguel County, Colorado. The complex consists of the following five individual mines: the Sunday mine, the Carnation mine, the Saint
Jude mine, the West Sunday mine and the Topaz Mine. The operation of each of these mines requires a separate permit, and all such
permits have been obtained by Western and are currently valid. In addition, each of the mines has good access to a paved highway,
electric power to existing declines, office/storage/shop and change buildings, and an extensive underground haulage development with
several vent shafts complete with exhaust fans. The Sunday Mine Complex is the Company's core resource property and in July
2021 was assigned "Active" status when mining operations were restarted.

 On September 16, 2015, Western completed its acquisition
of Black Range Minerals Limited ("Black Range"), an Australian company that was listed on the Australian Securities Exchange
until the acquisition was completed. The acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into
between Western and Black Range. Pursuant to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme
of Arrangement ("the Scheme") under the Australian Corporation Act 2001 (Cth) (the "Black Range Transaction"),
with Black Range shareholders being issued common shares of Western on a 1 for 750 basis. On August 25, 2015, the Scheme was approved
by the shareholders of Black Range, and on September 4, 2015, Black Range received approval by the Federal Court of Australia. In addition,
Western issued options to purchase Western common shares to certain employees, directors, and consultants. Such stock options were intended
to replace Black Range stock options outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

 In connection with the Black Range Transaction,
Western acquired the net assets of Black Range. These net assets consist principally of interests in a large uranium resource located
in Colorado (the "Hansen-Taylor Complex") and a 100% interest in a 25 year license for Kinetic Separation ("Kinetic
Separation", formerly known as "Ablation") and related patents from Ablation Technologies, LLC. The Hansen-Taylor Complex
is principally a sandstone-hosted deposit that was discovered in 1977.

 Furthermore, related to Kinetic Separation in
connection with the acquisition of Black Range, the Company assumed a call option agreement between Black Range and Mr. George Glasier.
Prior to the Black Range Transaction, 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 $309,138 (AUD $500,000) to Seller within 60
days of the first commercial application of the Kinetic Separation. Western assumed this contingent payment obligation in connection with
the Black Range Transaction.

 Under United States Securities and Exchange Commission
("Commission") rules, the Black Range 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
shifting its basis of accounting from IFRS to 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 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 plans
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. On the subsequent measurement date, June 30, 2024, Western reconfirmed its qualification as a foreign private issuer.

 The Kinetic Separation process is dramatically
different from conventional mining techniques. Subject to regulatory approvals for its use, Kinetic Separation is beneficial in the following
ways:

 Mining,
crushing, and separation of waste from minerals (uranium and vanadium), can occur underground (inside the mine), at the mine above ground,
at a location between the mine and the mill, or at the mill.

 Value-added
of the process is that 85%-90% of the waste is separated at earlier steps in the process thus saving costs in later steps.

 Benefits
include reduced radiometric exposure, time duration of material handling is reduced, lower costs for transportation.

 Processing
reduced ore quantities is beneficial at the mill stage due to the reduction in acid and power consumption, and post-milling tailings.

 Kinetic Separation can be used on legacy uranium
stockpiles in the western United States, removing 85-90% of the uranium. This is an application through which Kinetic Separation could
positively contribute to the "greening of the environment". According to a study there are approximately 4,225 legacy uranium
mines from the 1940-1970 period throughout the Western United States, most of which have waste stockpiles. At the present time, kinetically
separating these legacy stockpiles is not currently planned by the Company.

 In the estimation of management, Kinetic Separation
mining allows the cost of production of uranium to be reduced by 44-53%.

 Our common shares are listed on the Canadian Securities
Exchange, also known as the "CSE," under the symbol "WUC", and are also quoted in the United States on the OTCQX
Best Market under the symbol "WSTRF." We are headquartered in Ontario, Canada with mining operations in the two U.S. states
of Utah and Colorado. The mailing address of our headquarters is 5 Church Street, Toronto, Ontario, M5E 1M2, Canada, and the telephone
number is (970) 864-2125. Our corporate website is located at

 We are an "emerging growth company"
as that term is defined in the Jumpstart Our Business Startups Act (the "JOBS Act"). The JOBS Act defines an "emerging
growth company" as one that had total annual gross revenues of less than $1,235,000,000 during the last fiscal year. Section 102(b)
(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a
class of securities registered under the Securities Exchange Act) are required to comply with the new or revised financial accounting
standard. The JOBS Act also provides that a company can elect to opt out of the extended transition period provided by Section 102(b)(1)
of the JOBS Act and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

 Our wholly-owned subsidiaries are 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, Pinon Ridge
Corporation ("PRC") and Mustang Mineral Processing Inc ("Mustang").

 OUR COMPANY

 Western is in the business of exploring,
developing, mining and production of its uranium and vanadium resource properties in the states of Utah and Colorado in the United
States of America ("United States").

 Western is an exploration stage issuer for purposes
of S-K 1300. Under S-K 1300, a mining company like ours can be classified as either an exploration stage issuer, a development stage issuer
or a production stage issuer. Exploration stage issuers are companies that are engaged in the search for mineral deposits, which are not
in either the development stage or the production stage. In order to be classified as a development stage issuer or a production stage
issuer, the Company must have already established mineral reserves. The Company has not established mineral reserves for purposes of S-K
1300.

 Our mineral properties are located in western Colorado and eastern
Utah and adjacent areas of the western United States. We have committed to permitting and building our own mill to process uranium and
vanadium and incorporating Kinetic Separation into our licensing. Our primary focus consists of the mining operations at the fully permitted
Sunday Mine, the commercialization of Kinetic Separation, completing the permitting and construction of mineral processing facilities
(uranium and vanadium), and permitting the San Rafael Project.

 The Sunday Mine Complex is located in western
San Miguel County, Colorado. The complex consists of the following five individual mines: the Sunday mine, the Carnation mine, the Saint
Jude mine, the West Sunday mine and the Topaz mine. The operation of each of these mines requires a separate permit and all such permits
have been obtained by Western and are currently valid. In addition, each of the mines has good access to a paved highway, electric power
to existing mine workings, office/storage/shop and change buildings, and extensive underground haulage development with multiple vent
shafts complete with exhaust fans.

 We have acquired a license for Kinetic Separation,
which provides a low cost, purely physical, method of separating uranium and vanadium mineralization from waste. No chemicals are added
in the process, yet very high mineral recoveries can be achieved with considerable mass reduction; facilitating the separation of a high-value,
high-grade ore product from a coarse-grained barren "clean sand" product.

 Application of Kinetic Separation is expected
to have a very positive effect on the development of not only our Sunday Mine Complex, but also most of our and other deposits, because
it significantly reduces both capital and operating costs. Extensive test work has shown that from amenable sandstone-hosted ore types,
typically more than 90% of the mineralization can be separated into 10-20% of the initial sample mass.

 OUR STRATEGY

 Our vision is to become a regional uranium and vanadium developer,
producer, and processor. Our strategy is to build value for shareholders by advancing our projects for further scaled-up mining production.
We have committed to permitting and building our own processing plant to mill uranium and vanadium and incorporating Kinetic Separation
into our licensing. Facility design and permitting have begun on parcels of land acquired in Utah and Colorado, on which we intend to
develop and build our processing facilities. In 2022, Western began acquiring mining equipment and vehicles and building a mining team
to put in place an in-house mining capability and to replace its previous outsourced mining contractor. During 2024 and 2023, this team
was conducting mining operations at the Sunday Mine Complex developing the mine for future production and extracting ore to be stockpiled
underground, to assure the availability of feedstock to baseload the mineral processing facilities.

 At any time we may have acquisition or partnering
opportunities in various stages of active review, including, for example, our engagement of consultants and advisors to analyze particular
opportunities, analysis of technical, financial and other confidential information, submission of indications of interest, participation
in preliminary discussions and negotiations, and involvement as a bidder in competitive processes.

 Capital Raising

 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.

 On December 12, 2023, the Company closed a non-brokered
private placement of 5,215,828 units at a price of $1.02 (CAD $1.39) per unit. The aggregate gross proceeds raised in the private placement
amounted to $5,324,989 (CAD $7,250,000 as of December 31, 2023). Issuance costs, consisting principally of commissions and legal fees,
were $488,122 (CAD $661,912 as of December 31, 2023). Each unit consisted of one common share plus one half of one warrant. Each warrant
is exercisable into one share at a price of $1.38 (CAD $1.88) per common share for a period of four years following the closing date of
the private placement. A total of 5,215,828 common shares and warrants to purchase 2,607,913 common shares were issued to investors in
connection with the private placement.

an aggregate of 5,198,540 and 1,165,450 warrants were exercised for total proceeds of $4,605,458 (CAD $6,238,248) and $1,004,044 (CAD
$1,358,565), respectively.

 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.

 Uranium/Vanadium Production

 Western historically positioned itself for operational
flexibility with the goal of beginning production as expeditiously as possible once market conditions for uranium and/or vanadium were
favorable. Well maintained existing infrastructure from years of previous production allowed the Company to quickly advance the mine to
a production ready status.

 The 2018 vanadium price rally catalyzed a project
at the Sunday Mine Complex. Western reinitiated active mining operations during 2020 at the Sunday Mine Complex project beginning with
infrastructure and exploratory work projects, which culminated in the commencement of production with the mining and stockpiling of the
extracted uranium/vanadium ore. The mining team refocused on surface infrastructure projects required by the DRMS before COVID-19 stoppages
caused the mines to be put back into Temporary Cessation.

 During 2020, COVID-19 induced mine closures began
a rally in uranium prices. In 2021, catalysts continued to provide positive signals for uranium miners and investors. This catalyzed work
during 2021 and 2022 at the Sunday Mine Complex project which commenced in July 2021. After completion of infrastructure work in this
new area of the mine, exploration and development of the GMG ore body was the first project phase. Drifting, continuous high-grade ore
was intersected, which led to the mining and underground stockpiling of over 3,000 tons of uranium/vanadium ore during the December 2021
to March 2022 period.

 Thereafter, Western began the acquisition of a full complement of mining
equipment and personnel to take over mining operations. Western's transition from employing a mining contractor to building an in-house
mining operation has now been substantially completed. Since this transition began in spring 2022, additional employees have been hired
to support mining operations and mining equipment and vehicles have been acquired to support deployment of two (2) fully equipped mining
teams. The equipment has been prepared for operations and readied for deployment; site infrastructure upgrades have been finished. In
early 2023, the mines were reopened for ventilation and infrastructure upgrades. Mining operations restarted in April 2023 and have been
continually focused on additional development in multiple areas of the mine.

 It may be difficult for many uranium mining companies
to expand production in a timely manner in response to rising uranium prices, as it requires many years of permitting and development
to bring new mines into production. These lead times will put further upward pressure on prices. Thus, Western has a competitive advantage,
due to the aforementioned projects, because our mining properties can scale-up production on short notice.

 The Company holds an exclusive 25-year license
to use Kinetic Separation, a proven technology that we anticipate will improve the efficiency of hauling and processing ore from Western's
sandstone-hosted mines. The Company has proven that post-Kinetic Separation ore has 90% of the uranium mineralization of the pre-Kinetic
Separation ore in 10% of its mass. We are planning to build a Kinetic Separation machine, with a capacity of forty tons per hour at an
aggregate cost of $1.0 million dollars. The license agreement was entered into on March 17, 2015 and expires on 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, it could be transferred in
the sale of Western or the subsidiary holding the license.

 Prior to the planned processing plant becoming
licensed and operational, our in-house mining teams will be stockpiling uranium/vanadium mined material. When the processing plant is
constructed, Western will become fully operational and begin processing the accumulated stockpiles. Western believes that its mineral
resources have a reasonable prospect for economic extraction. However, the Company has not completed a preliminary economic assessment
under NI 43-101 or a feasibility study or preliminary feasibility study under S-K 1300 that would be needed to establish the existence
of proven or probable reserves and has instead allocated that capital to the aforementioned mining operations at the Sunday Mine Complex.

 Uranium/Vanadium Processing Facilities Development

 Mustang Minerals Processing
Plant

 Our current plans call for the permitting and construction of a mineral
processing plant at our newly acquired site in Colorado. Western expects to benefit from the prior site owner's completion of all
phases of licensing and permitting of the Pinon Ridge Mill project. The Company's plans are to develop its initial mill at the Colorado
location, which is much closer to the Sunday Mine Complex than the Maverick site. This mill is expected to have a cost of approximately
$75 million and is targeted to start up in 2029. This facility will be designed to recover uranium and vanadium both from conventional
materials mined from Company mines and materials produced by other mining companies. The processing plant will utilize the latest processing
technology, including Western's patented Kinetic Separation process. These technology advancements will result in lower overall
capital and processing costs. After permitting and construction, and subject to the availability of financing, the processing of uranium
and vanadium materials is expected to commence in early 2029.

 Maverick Minerals Processing Plant

 The development of the Maverick Minerals Processing
Plant in Green River, Utah, has advanced since this project commenced. In the second quarter 2023, the land acquisition was completed
and in the third quarter 2023 the project design and permitting activities began with the engagement of a full team of consulting firms,
chosen for their expertise in engineering / mill design, permit preparation, environmental, hydrology, and air quality. Site evaluation
work was undertaken and a preliminary plant and property site plan was compiled for the location of monitor wells, meteorological towers,
buildings, processing circuits, tailings and evaporation ponds, roads/infrastructure and ore storage facilities. At a pre-application
permitting meeting in November 2023, the Company and its consultants met onsite with local officials. During 2024, additional baseline
data required for submission of the permitting application was collected from the onsite meteorological towers. A final plant and animal
study was completed. This study confirmed the site is clear of endangered plant life that is only observable during the spring growing
season. Additional consulting commitments were made to advance the licensing and development with Precision Systems Engineering (PSE),
a leading engineering and design consulting firm headquartered in Sandy, Utah. PSE was working to release the preliminary engineering
design and cost estimate for a 500 ton per day mill. Next steps for site work included the planned installation of monitor wells. Additional
work has been deferred while Western reassesses its design and strategy now that it has purchased a previously licensed mill site in Colorado
(please see Colorado Mill Site Purchase, below). This location remains valuable to Western due to its close proximity, approximately 4
miles, to the San Rafael project which is slated as Western's second production center.

 Mustang Mineral Processing Site Acquisition

 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.

 Pursuant to the PRC Agreement, the former PRC shareholders were paid
$829,167 for their equity and shareholder loans. After closing, a creditor holding a security interest against Mustang was paid a total
of $1,148,125 to retire an outstanding promissory note. Western also assumed certain PRC liabilities in the transaction and royalty obligations
to an unrelated third party with future commitments to be satisfied. These royalties are based on the volume of minerals processed through
any mineral processing plant located on the property.

 The transaction was accounted for as a purchase
of an asset.

 URANIUM MARKET OUTLOOK

 World demand for clean, reliable, and affordable
electricity is growing. The future demand for uranium is expected to increase due to the construction of additional nuclear reactors around
the world. Multiple Japanese utilities have nuclear reactors in the process of restarting. Chinese utilities continue to aggressively
build new reactors and buy uranium, with the goal of becoming the world leader in nuclear electricity generation. In total, according
to the World Nuclear Association (WNA), there are many new reactors under construction in the world. Existing and new nuclear technologies
are receiving unprecedented support on a global basis, as a base load electricity source with zero carbon emissions.

 After the 2011 Fukushima nuclear accident, uranium markets endured
a decade long bear market due to excess supply created by nuclear reactor shutdowns and large quantities of new material entering the
market. In recent years, this excess supply has been depleted by utility use, production curtailments, COVID-19 induced production suspensions,
and financial buyers purchasing physical uranium ("U3O8"). A uranium global supply/demand imbalance had been projected by
analysts to impact uranium prices in coming years. In 2020 COVID-19 induced mine closures and in 2021 Sprott Physical Uranium Trust ("SPUT")
purchased 23 million lbs of U 3 O 8, underscoring the imbalance. Both of these catalysts have depleted excess inventories
and accelerated the timing of the supply/demand impact. Demand is increasing with new reactors being built, next generation reactors being
advanced, operating reactor life being extended, idle reactors being restarted, and nuclear phase-out plans being reversed. At a macro-level,
the electrification transition and climate change initiatives have increased global support for nuclear.

 In 2022, geopolitical events became the main driver
of uranium markets. During January, mass government protests in Kazakhstan were suppressed by the Collective Security Treaty Organization,
a military alliance of regional allies led by Russia. Uranium markets reacted as Kazakhstan was responsible for 45% of the 2021 global
uranium production. In February, the Russian invasion of Ukraine added more volatility due to Russia's dominant position in nuclear
fuel services including 38% of world conversion capacity and 46% of world enrichment capacity. These events led to new SPUT capital inflows
and the purchase of 12 million lbs of U3O8 during the first quarter of 2022.

 With equity markets having their worst year since 2008, 2022 became
a transformational year for the normally staid nuclear power and physical uranium markets as the status quo was disrupted. There was a
rush on contracts for the limited available conversion and enrichment capacity which caused a price surge. Due to shrinking secondary
supplies, utilities followed by signing new uranium supply contracts that increased long-term U3O8 prices from $43 to $52 during the year.

 The real uranium industry bull market was in the
underlying fundamentals attributable to multiple factors, including: climate change, energy security, supply chain and energy scarcity
initiatives. This inflection point will likely impact markets for decades as the supply/demand imbalance has flipped from a market with
excess supply into a market with excess future demand. With the reduced availability of secondary supplies, utilities have added multi-year
contracts with mining companies for primary supply. The drivers expanding the demand for nuclear fuel include: non-nuclear nations adding
nuclear power generation, nuclear nations expanding fleets and/or extending lives of existing reactors, idled nuclear reactors being re-started,
reactors being phased out and shutdowns being reversed, and the deployment of advanced reactors / SMRs. However, the challenge is in meeting
increasing demand while being constrained from sourcing new material from the world's largest suppliers.

 Russia's invasion of Ukraine and the ensuing
global energy crisis has focused attention on security of supply and supply chain risks and has caused most of the world to re-evaluate
their dependence upon nuclear fuel exported by Russia. The dominant market position of Rosatom, Russia's national nuclear company,
was developed through decades of government subsidies. Because of the Ukraine invasion, new contracts are largely not being signed with
Rosatom, and deliveries under existing contracts continue to be made. Future deliveries potentially could be at risk due to sanctions
/ legislation or a Russian embargo. Customer dependencies upon the Russian supply of uranium, conversion and enrichment are being addressed
slowly by governments as alternative suppliers are not currently available. A secondary concern is Kazakhstan, the world's largest
uranium producing country and the second longest continuous land border in the world shared with Russia. The concern is Russia exerting
influence over Kazakhstan amid their currently strained relationship. Additionally, Kazatomprom has put in place infrastructure to supply
uranium to China under its 15 year plan to deploy 150 new nuclear reactors. In 2022, it has become evident that this small area of the
world has emerged to form the key drivers in the future of the global nuclear fuel cycle.

 In July 2023, the government of Niger was overthrown
by its military. This is significant because the new regime is opposed to Western interests and this landlocked West African country holds
the 7th largest uranium resource in the world and was producing about 5% of global production. Multiple uranium mine development projects
in the county continue to proceed despite the evacuation of many foreign nationals. The situation in Niger is a developing matter and
the conflict has an anti-French sentiment. The Junta has initiated multiple actions that are counter to French interests. Most importantly,
Niger's Junta has threatened the export of uranium to France which has serious implications because France had acquired 20% of its
natural uranium from Niger.

 In December 2023, in a show of bipartisan support,
the U.S. House of Representatives passed the Prohibiting Russian Uranium Imports Act. The reliance on Russian uranium, conversion and
enrichment services is being viewed quite differently than it has for decades. The legislative process toward enacting a Russian uranium
ban culminated in one being enacted in May 2024. However, the ban will not take full effect until 2028, and it appears that multiple waivers
have been granted on preexisting contracts.

 Spot uranium prices reacted to longer-term supply/demand
constraints and geopolitical risks hitting their peak at over $100/lb in January 2024. During 2024, there were periods of notable support
as giant tech companies made plans to utilize nuclear energy and artificial intelligence (AI) and data centers were projected to consume
increasing amounts of energy in the future. While term prices increased to the $80/lb range, spot uranium prices have endured a slow decline
from the high to the $64/lb level at the end of March 2025.

 Events of the last few years have set in motion uranium market and
nuclear fuel opportunities for the next decade and beyond. There are positive catalysts across multiple levels of the nuclear fuel and
uranium markets. This is occurring at a time when aggregate uranium inventory has declined to its lowest levels in over a decade. We believe
that restocking of utility inventories, new demand and shifting demand will catalyze a uranium bull market that will increase uranium
prices toward levels that will drive uranium mining company production, profits and equity prices. As a result, Western made the largest
investments in the Company's history during 2024 in advancing its operational strategy and mining operations.

 Nuclear Fuel and Uranium Effect from the
Russian Invasion of Ukraine

 The start of the Russia/Ukraine war created extraordinary
volatility in uranium markets during the first half of 2022. At the peak, the spot price was at an 11 year high. Prior to the invasion
on February 24, 2022, uranium spot prices were in the $43 per pound range and rose to slightly over $63 per pound by April 2022; an increase
of approximately $20 per pound. Later in May 2022 and June 2022, the spot price receded to $45 levels, before recovering to the $50 +/-
per pound price level. This price level was maintained for an extended period as the immediate ban/sanctions anticipated by investors
of nuclear fuel and services from Russia couldn't be implemented.

 Equity markets followed the price action of physical
uranium prices in speculation that governments worldwide would sanction and ban nuclear fuel from Russia. This was in recognition of Russia's
dominant position in nuclear fuel services including 38% of world conversion capacity and 46% of world enrichment capacity. The market
position of Rosatom, Russia's national nuclear company, was developed through decades of government subsidies. However, because
of the lack of replacement capacity in the global nuclear fuel cycle, Rosatom has avoided sanctions.

 Because of the Ukraine invasion, new contracts
are largely not being signed with Rosatom, but deliveries under existing contracts continue to be made. Customer dependencies upon the
Russian supply of uranium, conversion and enrichment are being addressed slowly by governments as alternative suppliers were not currently
available. However, a desire to stay away from bad actors and the threat of Russia weaponizing energy exports or a Russian embargo has
elicited responses. Worldwide, utilities have accelerated their contracting of non-Russian conversion and enrichment services. New uranium
supply agreements are being signed with western producers. There has been significant legislative progress favorable to increasing domestic
uranium and nuclear fuel production in the United States. In advance of the United States putting in place a ban or sanctions on Russian
uranium, the DOE continues to make preparations for a Russian counter-sanction terminating the flow of nuclear fuel and services from
Russia.

 In January 2023, ban and sanction discussions
intensified as Rosatom was shown to have become an active participant in the Ukraine war. An article entitled "Russia's nuclear
entity aids war effort, leading to calls for sanctions" was published by the Washington Post. Obtained documents show that the Rosatom
state nuclear power conglomerate was supplying the Russian military with "components, technology, and raw materials for missile
fuel" to be used in the Ukraine war.

 United
States Ban of Russian Uranium

 In response to Russia's war in Ukraine, the United States legislature passed
the Prohibiting Russian Uranium Imports Act (H.R. 1042) to ban Russian uranium imports into the U.S. Unanimous passage of The Prohibiting
Russian Uranium Imports Act (H.R. 1042) in April 2024 by the U.S. Senate followed the U.S. House of Representatives' passage of
the bill in December 2023. Subsequently, on May 13, 2024, President Biden signed this legislation into law. The ban became effective
90 days after its enactment on August 11, 2024 and was phased in under Department of Energy conditional waivers before becoming a complete
ban on January 1, 2028. Importantly, the enactment of a Russian ban releases funding to support the American nuclear supply chain. This
funding was deployed by the DOE under a new program called the Low-Enriched Uranium (LEU) – Enrichment Acquisition. The United
States has the world's largest civilian nuclear reactor fleet, and it has now taken steps to reduce its reliance on state-sponsored
Russian nuclear fuel.

 Russian
Response to Uranium Ban

 On May 14, 2024, the day following the ban enactment, Bloomberg reported that Russia had responded
with TENEX issuing force majeure notices to U.S. utility customers. TENEX is the subsidiary of Rosatom, the state nuclear energy corporation,
and the entity through which U.S. counterparties contract for Russian uranium product imports into the United States.

 The TENEX force majeure notices required U.S. customers to secure waivers
within 60 days that exempt them from the new U.S. Russian uranium ban or risk being moved to the back of the line for uranium deliveries
if they are granted a waiver later. TENEX's notice was based on their intention to honor their contracts, but they acknowledge this
could be overridden by the Kremlin. This deadline has now passed and the DOE is currently granting waivers to the ban. Multiple waivers
have been partially or fully approved, however the details are not in the public domain.

 On May 21, 2024, the DOE published their process and instructions for
requesting a waiver. The waiver process does not appear restrictive and will likely allow most of the previously contracted Russian material
into the United States prior to January 1, 2028. The U.S. legislative intentions were to deprive Russia of the revenue associated with
U.S. purchases of Russian nuclear fuel and counter Russia's control of the global nuclear fuel cycle by flooding U.S. and international
markets with state-supported Russian uranium and services.

 We continue to believe the shift away from Russia/Rosatom
will be a major catalyst in the realignment of nuclear fuel markets which will benefit western producers.

 OVERVIEW OF THE URANIUM INDUSTRY

 The only significant commercial use for uranium
is as a fuel for nuclear power plants for the generation of electricity. The global nuclear and uranium mining industries continue to
benefit from the convergence of multiple trends and increased public, political and government support due to coming new technologies,
climate change initiatives, and energy crisis shortages. These are resulting in extensions to operating lives, a large number of nuclear
reactors under construction, new builds, investments in next generation nuclear technology, and in Japan, increased urgency to re-start
the nuclear reactor fleet. Additionally with the rapid expansion of artificial intelligence (AI) the demand for electricity is surging,
particularly to power energy-intensive data centers. This increase in electricity consumption is driving greater reliance on nuclear power,
a reliable energy source, thereby strengthening the demand for uranium as a critical fuel for nuclear reactors.

 The uranium market has historically been highly
cyclical. In the prior bull market, spot prices rose from $21 per pound in January 2005 to a high of $136 per pound in June 2007 in anticipation
of sharply higher projected demand as a result of a resurgence in nuclear power and the depletion of secondary supplies. Secondary supplies
are inventories of uranium not publicly available for sale, which are primarily held by utility companies and governments. The sharp price
increase was driven in part by high levels of buying by utility companies, which resulted in most utilities covering their requirements
through 2009. A decrease in near-term utility demand coupled with rising levels of supplies from producers and traders led to downward
pressure on uranium prices beginning in the third quarter of 2007. A rebound in uranium prices in conjunction with a recovery in commodities
in 2010 was curtailed by the Fukushima disaster in Japan.

 Since the Fukushima disaster in 2011, uranium spot prices entered a
steady decline until June 2014, when they rebounded slightly and peaked again in March 2015 at $39 per pound. After that peak, prices
again began to fall steadily, reaching their lowest point of $18 per pound in November 2016. Prior to COVID-19, annual uranium production
was at its lowest in over a decade, creating a global supply deficit where production was only about two-thirds of consumption. In May
2020, after COVID-19 related production shutdowns, spot prices hit a $34 per pound price before declining to close the year at $30 per
pound. During 2021, market participation by the Sprott Physical Uranium Trust and other secondary market uranium buyers caused prices
to rise to $42.05 per pound at December 31, 2021. Uranium prices held these levels until Russia's invasion of Ukraine caused uranium
markets to surge. Prior to the invasion on February 24, 2022, uranium spot prices were in the $43 per pound range and rose to slightly
over $63 per pound by April 2022. Later in May 2022 and June 2022, the spot price receded to $45 levels, before recovering to the $50
+/- per pound price level in September 2022 to March 2023. Subsequently in July 2023, spot uranium increased from the approximately $50/lb
level to over $100/lb in January 2024. Since January 2024, spot uranium had a slow decline from a high of $100/lb level to $64/lb level
at the end of March 2025.

 Geopolitical events, technological advances, and the nuclear energy
growth path provide favorable pricing factors specific to the uranium industry. As a result, we foresee a uranium pricing environment
which in the coming years will allow Western to initiate full-scale production at its best properties. As a result, Western made the largest
investments in the Company's history during 2024, advancing its operational strategy and mining operations.

 Nuclear Fuel and Uranium Market Conditions

 During the year ended December 31, 2024, the spot uranium price decreased
$18 from $91 to ~$73. Notably, the long-term price increased from $68 to ~$81 during a period of rising conversion and enrichment services
prices. However, this follows an extremely strong period in the market where spot uranium prices have reacted to supply/demand constraints
and geopolitical risks. Since January 2024, spot uranium had a slow decline from a high of $100/lb level to $64/lb level at the end of
March 2025. The events of 2022 set in motion uranium market and nuclear fuel opportunities for the next decade and beyond. There are positive
catalysts across multiple levels of the nuclear fuel and uranium markets. Underlying fundamentals are the strongest in decades. This is
attributable to multiple factors, including climate change, energy security, supply chain and energy scarcity initiatives. The supply/demand
imbalance has flipped from a market with excess supply into a market with excess future demand. With the reduced availability of secondary
supplies, utilities have begun adding multi-year contracts with mining companies for primary supply. The drivers expanding the demand
for nuclear fuel include non-nuclear nations adding nuclear power generation, nuclear nations expanding fleets and/or extending lives
of existing reactors, idled nuclear reactors being redeployed, the reversal of phase-outs and shutdowns, and the deployment of advanced
reactors / SMRs. However, the challenge is in meeting increasing demand simultaneously with supply constraints from the world's
largest suppliers. We believe uranium equity prices will continue to strengthen and reflect the underlying positive fundamentals in the
nuclear/uranium sector. Multiple market analysts have flagged low availability of mobile secondary inventories. We believe the continued
draw down of inventories to be a market catalyst for uranium prices.

 Positive nuclear energy news has continued to
highlight the global growth of future nuclear electricity generation which will drive increased nuclear fuel demand. In terms of future
supply, utility contracting has continued into 2024, and some uranium mining companies are moving toward restarting production. However,
due to the lead time needed for future uranium production, we are entering a phase where the supply-demand fundamentals are in a deep
multi-year structural supply deficit. The future is not clear as we believe some miners with available near-term production are waiting
for higher price levels and/or project funding before making full start-up commitments. Utilities are also deferring contracting to understand
how regulations and geopolitics will modify their future access to Russian uranium, conversion and enrichment services.

 In the second quarter of 2024, investors began
purchasing nuclear and uranium equities as a means to create long exposure for their positive view on Artificial Intelligence (AI), due
to the vast energy requirements of data centers. Recent transactions have been announced as tech giants Microsoft, Amazon, and Google
have sought deals to source nuclear power for their data centers from full scale reactors and SMRs. Microsoft most prominently signed
an agreement with Constellation Energy to restart a Three Mile Island reactor in Pennsylvania and purchase 100% of the power generated
for two decades.

 Nuclear Fuel Supply Chain Concentration
Risks

 Russia's invasion of Ukraine and the ensuing
global energy crisis has focused attention on security of supply and supply chain risks. This has caused most of the world to re-evaluate
their dependence upon nuclear fuel exported by Russia. In spite of the dominant market position of Rosatom, future deliveries potentially
could be at risk due to sanctions, legislation, or a Russian embargo. Customer dependence upon the Russian supply of uranium, conversion
and enrichment are being addressed slowly by governments as alternative suppliers are not currently available. Both Urenco and Orano have
announced that they will invest to expand their uranium enrichment capacity respectively in the United States and France, which represents
a shift away from Russia. Utilities are demonstrating their desire for increased security of their nuclear fuel supply chains. Kazakhstan
is also a concern because the world's largest uranium producing country has an unguarded and the second longest continuous land
border in the world shared with Russia. The potential exists for Russia to exert influence over Kazakhstan. Additionally, Kazatomprom
has put large long-term contracts in place with China. This supply is needed for China to fulfill its 15 year plan to deploy 150 new nuclear
reactors. China National Nuclear Corp. (CNNC) has recently opened a uranium trading hub /warehouse facility, on the China / Kazakhstan
border, with the capacity to store 60 million pounds of uranium. It has become evident that the nuclear fuel supply chain has become increasingly
concentrated and interconnected in this very small area of the world. Expanding Kazakhstan uranium exports to Russia and China significantly
reduces future supply for Western nuclear fuel buyers.

 In July 2023, the government of Niger was overthrown
by its military. This is significant because the new regime is opposed to Western interests and this landlocked West African country holds
the 7th largest uranium resource in the world and was producing about 5% of global production. The conflict has an anti-French sentiment,
and the Junta has initiated multiple actions that are counter to French interests. Most importantly, Niger's Junta has threatened
the export of uranium to France which has serious implications because France acquires 20% of its natural uranium from Niger. In addition
to the French evacuating/ being expelled from Niger, the U.S. military also departed the country. The Junta is utilizing Russian military
support as a replacement. In addition, the Niger government has revoked operating permits from foreign uranium companies, including Orano
in June 2024 and Goviex in July 2024. In November 2024, Orano further reported that it had lost operational control, to authorities in
Niger, of another of its uranium mines. This mine was in production, but had been impacted by export restrictions imposed by the Junta.

 During October 2023, geopolitical instabilities spread further to the
Middle East after a Hamas attack on Israel triggered a counterattack by Israel on the Gaza Strip. The Israel-Hamas hostilities escalated
over the Summer of 2024 and then spread to other countries in the Middle East. At the beginning of 2025, Israel and Hamas agreed to a
ceasefire which ended in March 2025. Hostilities resumed in March and it's not clear when and if the combatants will be able to
negotiate a new ceasefire or an end to military actions. This additional hot spot further increases volatility in the world and destabilizes
the Middle East region that is highly influential on global energy prices.

 Vanadium

 With the exception of the Hansen/Taylor Deposit,
most of the Company's mining assets, including the Sunday Mine Complex, contain vanadium either as a stand-alone product or a co-product
to uranium.

 Conventional and new vanadium applications include
steelmaking, aerospace, stationary energy storage, batteries, and chemicals.

 When a very small amount of vanadium is added to steel, the hardening
effect greatly increases its strength. And while steelmaking accounts for roughly 90% of all vanadium currently consumed, it is estimated
that vanadium is only used in about 9% of all steels today. After steelmaking, the second largest market for vanadium is that of catalysts
and chemical applications. A significant new source of demand for vanadium is from vanadium redox flow batteries (VRFB) as their adaptation
grows with the stationary storage market.

 In 2018 there was structural change in the vanadium
markets that caused prices to spike. China, the largest vanadium producer in the world, had supply disrupted by environmental monitoring
and rules while domestic demand was increasing. China, which had been a net vanadium exporter, flipped and became a net vanadium importer.
On the demand side, China announced a new high strength rebar standard to increase earthquake resistance in February 2018 that became
effective on November 1, 2018. On the supply side, in its efforts to fight pollution, Chinese environmental inspections resulted in the
closing of dirty processes in which vanadium was recovered as a byproduct. These policy changes caused a shortage and led to a surge in
vanadium prices to all-time highs during the fourth quarter of 2018. Vanadium closed on December 31, 2018 at $23.15, but owing to a Chinese
extension in the implementation of the new rebar standard, prices plunged to close on December 31, 2019 at $5.25. Notably, the substantial
price appreciation in vanadium delayed the adaptation of VRFB applications as these batteries were no longer considered to be cost competitive.

 A Section 232 National Security Investigation
of Imports of Vanadium was undertaken by the U.S. Department of Commerce ("DoC") during 2020 and submitted to President Biden
on February 22, 2021. The President had 90 days to decide if he concurred with the findings and recommendations and determine whether
to take an action to mitigate the impairment of national security. No action was taken.

 The vanadium market price closed at $5.80 per pound as of December
31, 2024, which was a decrease from the December 31, 2023 closing price of $6.00 per pound. During the first quarter of 2025, vanadium
prices further declined to $5.40. Cyclical business activities and its principal product use as a steel hardener has seen a softening
in demand, resulting in a decline in the price of vanadium.

 Uranium Section 232 Investigation/Nuclear
Fuel Working Group Process

 An investigation under Section 232 of the Trade Expansion Act of 1962
was undertaken by the DoC in 2018 to assess the impact to national security of the importation of the vast majority of uranium utilized
by the approximately 100 operative civilian nuclear reactors within the United States. In response to the Section 232 report, the White
House disseminated a Presidential Memorandum in July 2019. At that time, President Trump formed the Nuclear Fuel Working Group ("NFWG")
to find solutions for reviving and expanding domestic nuclear fuel production and reinvigorating recommendations.

 In April 2020, the DoE released the NFWG report
entitled "Restoring America's Competitive Nuclear Energy Advantage – A strategy to assure U.S. national security."
The report outlines a strategy for the reestablishment of critical capabilities and direct support to the front end of the U.S. domestic
nuclear fuel cycle. The undertaking of some NFWG findings and recommendations was a positive outcome for the U.S. nuclear industry and
U.S. uranium miners.

 The Russian Suspension Agreement was extended
for an additional 20 years until 2040. Existing categories of quotas on imports of Russian uranium into the U.S. were reduced by a graduated
scale, and additional provisions were modified to eliminate loopholes.

 In July 2021, the uranium Section 232 report was
publicly released. The report concluded that uranium imports were "weakening our internal economy" and "threaten to
impair the national security" and recommended immediate actions to "enable U.S. producers to recapture and sustain a market
share of U.S. uranium consumption".

 The Russian invasion of Ukraine has fast tracked
the Uranium Reserve Program. On May 5, 2022, the U.S. Secretary of Energy, Jennifer Granholm, testified before the Senate Committee on
Energy and Natural Resources that the DoE "would make direct purchases of domestically mined and converted uranium this calendar
year to establish a strategic uranium reserve". Secretary Granholm stated that "We should not be sending any money to Russia
for any American energy or for any other reason," and "if we move away from Russia right away, we want to make sure we have
the ability to continue to keep the fleet afloat." To accomplish this, she further disclosed that the DoE was "developing
a full-on uranium strategy that's going through the interagency process."

 Subsequently in June 2022, the U.S. Department of Energy ("DOE")
released program guidelines to initiate purchases of up to $75 million of U.S. domestic origin uranium inventory from existing storage
at the Honeywell Metropolis Works uranium conversion facility in Metropolis, Illinois. The DOE awarded contracts in December 2022 for
the purchase of 1,100,000 lbs of uranium that were delivered in the first quarter of 2023. Five uranium companies disclosed receiving
contract awards within a price range from $59.50 to $70.50 per pound. Western did not hold qualifying inventory, and as such did not submit
a bid proposal. An expansion of the U.S. Uranium Reserve program continues to be discussed. As originally proposed, the program contemplated
$150M in annual purchases for a 10 year period which would aggregate to $1.5 billion over its lifetime.

 COMPETITION

 There is global competition for uranium/vanadium
properties, ore processing mills, capital, customers and the employment and retention of qualified personnel. We compete with multiple
exploration companies for all of these things. In the production and marketing of uranium and vanadium, there are a number of producing
entities globally, some of which are government controlled and several of which are significantly larger and better capitalized than we
are. Several of these organizations also have substantially greater financial, technical, manufacturing and distribution resources than
we have.

 Our future uranium production may also compete
with uranium from secondary supplies, including the sale of uranium inventory held by the DoE. At the current time, DoE uranium sales
have been suspended. In addition, there are numerous entities in the market that compete with us for properties and operate in-situ recovery
("ISR") facilities.

 Western aims to possess a strategic advantage by completing the construction
of its own uranium and vanadium mill during 2029. The Company will have its own mining teams, equipment and infrastructure, which will
dramatically reduce its operational costs and increase margin. Moreover, by using Kinetic Separation, we expect the cost of production
of uranium to be reduced by approximately 40%.

 With respect to sales of uranium, the Company
competes primarily based on price. We will market uranium to utilities and commodity brokers. We are in direct competition with supplies
available from various sources worldwide. We believe we compete with multiple operating uranium companies.

 With respect to sales of vanadium, the Company
will compete primarily based upon availability and secondarily on price. There will be direct competition with primary production, secondary
production, and co-production from various companies and processors worldwide as individual entities come online or increase production
to address the supply deficit.

 ENVIRONMENTAL CONSIDERATIONS AND PERMITTING

 United States

 Uranium extraction is regulated by the federal
government, states and, in some cases, by Native American tribes. Compliance with such regulation has a material effect on the economics
of our operations and the timing of project development. Our primary regulatory costs have been related to obtaining licenses and permits
from federal and state agencies before the commencement of production activities. The environmental regulatory requirements for the ISR
industry are well established. Many ISR projects have gone a full life cycle without any significant environmental impact. However, the
process can make environmental permitting difficult and timing unpredictable. Western does not plan to utilize an ISR mining process on
its properties.

 Mining Permits are disclosed on a per mine basis
in the "Properties" section, below.

 Reclamation and Restoration Costs and Bonding
Requirements

 At the conclusion of conventional mining, a site
is decommissioned and reclaimed. Reclamation involves removing evidence of surface disturbance. The asset retirement obligations ("ARO")
of the U.S. mines are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by
the applicable regulatory authorities. The asset retirement obligation liability represents the Company's best estimate of the present
value of future reclamation costs in connection with the mineral properties. The Company determined the gross asset retirement obligations
as of December 31, 2024 of the mineral properties to be $1,163,978.

 The Company is required by state regulatory agencies
to obtain financial surety relating to certain of its future restoration and reclamation obligations. The Company has provided performance
bonds issued for the benefit of the Company in the amount of $812,993 to satisfy such regulatory requirements as of December 31, 2024.

 EMPLOYEES

 As of December 31, 2024, we had 32 full-time employees.

 ITEM 1A. RISK FACTORS

 Risks Related to Our Business

 Our business activities are subject to significant
risks, including those described below. Every investor or potential investor in our securities should carefully consider these risks.
If any of the described risks actually occurs, our business, financial position and results of operations could be materially adversely
affected. Such risks are not the only ones we face and additional risks and uncertainties not presently known to us or that we currently
deem immaterial may also affect our business.

 Our ability to become a successful operating
mining company is contingent on whether we can continue to access adequate operating capital and can ultimately mine our properties and
monetize the uranium and vanadium processed at our mill on a profitable basis, and can then leverage those proceeds to finance further
mining activities and to acquire and finance additional reserves, all in spite of potentially significant fluctuations in the market prices
of uranium and vanadium.

 We expect to generate operating losses for the
next several years as we incur expenses to further expand our mining operations at our Sunday Mine Complex, including acquiring additional
mining equipment, adding to the mining team and scaling up mining operations, as wells as the for the permitting and construction of our
mineral processing facility. During the year ended December 31, 2024, we generated a net loss of $10,112,037. As of December 31, 2024,
we had an accumulated deficit of $28,929,894 and working capital of $5,240,584.

 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 financings, to secure regulatory approval to fully utilize its
Kinetic Separation technology, to scale up its mining operations at Sunday Mine Complex, to construct its own mineral processing mill
that is expected to be licensed to utilize Kinetic Separation, and to initiate the processing of ore to generate operating cash flows.

 If we cannot access additional sources of private
or public capital, partner with another company that has cash resources and/or find other means of generating revenue other than uranium
or vanadium sales, we may not be able to fully realize our planned operations.

 Until we can produce and sell sufficient amounts
of uranium and/or vanadium, we will have no way to generate adequate cash inflows except by monetizing certain of our assets, partnering
with third parties that are better financed or obtaining additional financing of our own. We can provide no assurance that our properties
will produce saleable production or that we will be able to continue to find, develop, acquire and finance additional mineral resources.
If we cannot monetize certain existing assets, partner with another company that has cash resources, find other means of generating revenue
other than uranium or vanadium production and/or access additional sources of private or public capital, we may not be able to remain
in business and our shareholders may lose their entire investment.

 Our ability to function as an operating mining
company will be dependent on our ability to mine our properties and permit, build and operate our mill at a profit sufficient to finance
further mining activities and for the acquisition and development of additional properties. The volatility of uranium prices makes long-range
planning uncertain and raising capital difficult.

 Our ability to operate on a positive cash flow
basis will be dependent on mining sufficient quantities of uranium or vanadium at a profit sufficient to finance our operations, operate
our mill profitably and for the acquisition and development of additional mining properties. Any profit will necessarily be dependent
upon, and affected by, the long and short term market prices of uranium and vanadium, which are subject to significant fluctuation. Uranium
prices have been and will continue to be affected by numerous factors beyond our control. These factors include the demand for nuclear
power, political and economic conditions in uranium producing and consuming countries, uranium supply from secondary sources and uranium
production levels and costs of production. A significant, sustained drop in uranium prices may make it impossible to operate our business
at a level that will permit us to cover our fixed costs or to remain in operation.

 Evaluating our future performance may be
difficult since we have a limited financial and operating history, with significant negative cash flow and an accumulated deficit to date.
Furthermore, there is no assurance that we will be successful in securing additional sources of capital sufficient to support our planned
operations. As such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund our planned
operations over the next twelve months. Our long-term success will depend ultimately on our ability to raise additional capital, to achieve
and maintain operational profitability and to develop positive cash flows from our mining activities.

 As more fully described within this annual
report, we acquired our first mineral properties in November of 2014. To date, we have been acquiring additional mineral properties
and raising capital. We hold uranium projects in various stages of exploration in the states of Colorado and Utah. In addition, in
July 2023, we announced our plans to permit and develop a mill for the processing of uranium and vanadium.

 As more fully described under "Liquidity
and Capital Resources" of Item 7. "Management's Discussion and Analysis of Financial Condition and Result of Operations",
we have a history of significant negative cash flows and net losses, with an accumulated deficit balance of $28,929,894 and $18,817,857
at December 31, 2024 and 2023, respectively. We have been reliant on royalty revenues and equity financings from the sale of our common
shares in order to fund our operations. We do not expect to achieve profitability or develop positive cash flows from operations in the
near term. As a result of our limited financial and operating history, including our significant negative cash flows and net losses to
date, it may be difficult to evaluate our future performance.

 At December 31, 2024 and 2023, we had working
capital of $5,240,584 and $8,970,434, respectively. The continuation of the Company as a going concern is dependent upon our ability to
obtain adequate additional financing. However, there is no assurance that we will be successful in securing any form of additional financing
in the future; therefore, substantial doubt exists as to whether our cash resources and working capital will be sufficient to enable the
Company to continue its operations over the next twelve months. The consolidated financial statements for the years ended December 31,
2024 and 2023 were prepared assuming that the Company would continue as a going concern. The consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

 Our reliance on equity and debt financings is
expected to continue for the foreseeable future. The availability of such funds whenever such additional financing is required, will be
dependent on many factors beyond our control, including, but not limited to, the market price of uranium, the continuing public support
of nuclear power as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price
and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access additional financing,
including access to the equity and credit markets. We may also be required to seek other forms of financing, such as asset divestitures
or joint venture arrangements to continue advancing our uranium projects, which would depend entirely on finding a suitable third party
willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral project.

 Our long-term success, including the recoverability
of the carrying values of our assets, our ability to acquire additional uranium projects and continue with exploration and pre-extraction
activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability,
and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these
into profitable mining activities. The economic viability of our mining activities has many risks and uncertainties. These include, but
are not limited to: (i) a significant, prolonged decrease in the market price of uranium; (ii) difficulty in marketing and/or selling
uranium concentrates; (iii) significantly higher than expected capital costs to construct the mine and/or processing plant; (iv) significantly
higher than expected extraction costs; (v) significantly lower than expected uranium extraction; (vi) significant delays, reductions or
stoppages of uranium extraction activities; and (vi) the introduction of significantly more stringent regulatory laws and regulations.
Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore
body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

 Our operations are capital intensive, and
we will require significant additional financing to continue production at the Sunday Mine Complex, to permit and construct the ore processing
mill, to continue exploration and begin pre-extraction activities on our other existing uranium/vanadium projects, and to acquire additional
uranium/vanadium projects.

 Our operations are capital intensive and future
capital expenditures are expected to be substantial. We will require significant additional financing to fund our operations, including
continuing production at the Sunday Mine Complex, to permit and construct the ore processing mill, continuing exploration on our other
existing projects and beginning pre-extraction activities on those projects, which include assaying, drilling, geological and geochemical
analysis and mine construction costs, and acquiring additional uranium/vanadium projects. In the absence of such additional financing,
we would not be able to fund our operations, which may result in delays, curtailment or abandonment of any one or all of our uranium projects.

 Uranium/vanadium exploration and pre-extraction
programs and mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly
from expectations or anticipated amounts. Furthermore, exploration programs conducted on our uranium/vanadium projects may not result
in the establishment of ore bodies that contain commercially recoverable uranium/vanadium.

 Uranium/vanadium exploration and
pre-extraction programs and mining activities are inherently subject to numerous significant risks and uncertainties, many beyond
our control, including, but not limited to: (i) unanticipated ground and water conditions and adverse claims to water rights; (ii)
unusual or unexpected geological formations; (iii) metallurgical and other processing problems; (iv) the occurrence of unusual
weather or operating conditions and other force majeure events; (v) lower than expected ore grades; (vi) industrial accidents; (vii)
delays in the receipt of or failure to receive necessary government permits; (viii) delays in transportation; (ix) availability of
contractors and labor; (x) government permit restrictions and regulation restrictions; (xi) unavailability of materials, equipment
and milling facilities; and (xii) the failure of equipment or processes to operate in accordance with specifications or
expectations. These risks and uncertainties could result in delays, reductions or stoppages in our mining activities; increased
capital and/or extraction costs; damage to, or destruction of, our mineral projects, extraction facilities or other properties;
personal injuries; environmental damage; monetary losses; and legal claims.

 Success in uranium/vanadium exploration is dependent
on many factors, including, without limitation, the experience and capabilities of a company's management, the availability of geological
expertise and the availability of sufficient funds to conduct the exploration program. Even if an exploration program is successful and
commercially recoverable uranium/vanadium is established, it may take a number of years from the initial phases of drilling and identification
of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the
uranium ceases to be economically recoverable. Uranium/vanadium exploration is frequently non-productive due, for example, to poor exploration
results or the inability to establish ore bodies that contain commercially recoverable uranium, in which case the uranium project may
be abandoned and written-off. Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that
we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable uranium/vanadium and develop
these uranium/vanadium projects into profitable mining activities, and there is no assurance that we will be successful in doing so for
any of our uranium/vanadium projects.

 Whether an ore body contains commercially recoverable
uranium/vanadium depends on many factors including, without limitation: (i) the particular attributes, including material changes to those
attributes, of the ore body such as size, grade, recovery rates and proximity to infrastructure; (ii) the market price of uranium, which
may be volatile; and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental
protection, permitting and land use, taxes, land tenure and transportation.

 We have established the existence of mineralized
materials on our uranium properties. However, we have not established any measured, indicated or inferred mineral resources or any proven
or probable reserves through the completion of a feasibility study for any of our uranium properties and we have no current plans to seek
to do so, as it would not serve a business purpose at the present time. Furthermore, we have no current plans to establish proven or probable
reserves for any of our uranium properties as it doesn't serve a business purpose at the present time.

 Because the number of mills permitted for
processing of uranium and vanadium is very limited, it may be difficult for us to gain access to a mill on favorable terms, or at all,
and this could negatively affect our ability to do business.

 In the event that there is not a buying program
in place for uranium/vanadium ore, the Company would need to arrange with a third party for conventional milling services. Because the
number of mills permitted for processing of uranium and vanadium is very limited, it may be difficult for us to gain access to a mill
on favorable terms, or at all. This could result in increased costs and/or significant delays in, interruption of, or cessation of the
Company's business activities. The practice of selling uranium/vanadium ore without first processing into yellowcake (U3O8) or Vanadium
Pentoxide (V2O5) would likely generate lower revenues.

 Because the number of mills permitted for
processing of uranium and vanadium is very limited, we have determined that we will seek a permit and then construct our own uranium and
vanadium ore processing facility. The capital required and risks involved in such an endeavor could negatively affect our ability to do
business.

 The construction of facilities for the processing
of uranium ore is both a capital-intensive and regulatory intensive endeavor. Obtaining a license to construct and operate a processing
plant to mill uranium and vanadium is subject to a number of risks including local, state and national regulations, and political and
environmental considerations. Furthermore, we must raise sufficient capital to fund the permitting efforts and construction of the mill.
We are subject to the risks that adequate capital in general may not be available at the levels needed and risks that adequate capital
may not be available for investments in the front-end of the nuclear fuel cycle. If we are not able to address these risks and build a
processing plant/mill then, we would need to arrange with a third party for conventional milling services. It may be difficult for the
Company to gain access to a third party's mill on favorable terms, or at all. This could result in increased costs and/or significant
delays in, interruption of, or cessation of the Company's business activities.

 Our ability to realize anticipated
benefits of the Kinetic Separation process is subject to uncertainties associated with that process.

 In order to utilize Kinetic Separation to process
uranium/vanadium bearing ore, there are uncertainties that must be addressed. Currently, to utilize Kinetic Separation the Company plans
to apply for its own milling license for a processing facility. If this is not practical or feasible the Company would need to arrange
to utilize a third party's mill. There are substantial costs and risks associated with both of these alternatives. The Company is
open to continuing to seek an alternative path forward that would allow the use of Kinetic Separation either inside a uranium mine or
on the surface outside of the underground workings to further reduce transportation costs. However, there is no assurance that such an
alternative approach will be approved for Western or other companies with comparable processes pursuing regulatory remedies.

 In addition, although the Company has conducted
initial tests of its Kinetic Separation technology with what appear to be positive results, those results have not been validated by a
qualified person.

 We do not insure against all of the risks
we face in our operations.

 In general, where coverage is available and not
prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations.
We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical
assets used in our operations, subject to exclusions and limitations; however, we do not maintain insurance to cover all of the potential
risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated
with our exploration, pre-extraction and extraction activities, which we may not be insured against, which may exceed the limits of our
insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide
assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will
adequately cover any resulting liability.

 Our inability to obtain financial surety
would threaten our ability to continue in business.

 Future financial surety requirements to comply
with federal and state environmental and remediation requirements and to secure necessary licenses and approvals may increase significantly
as future development and production occurs at certain of our sites in the United States. The amount of the financial surety for each
producing property is subject to annual review and revision by regulators. We expect that the issuer of the financial surety instruments
will require us to provide cash collateral for a significant amount of the face amount of the bond to secure the obligation. In the event
we are not able to raise, secure or generate sufficient funds necessary to satisfy these requirements, we will be unable to develop our
sites and bring them into production, which inability will have a material adverse impact on our business and may negatively affect our
ability to continue to operate.

 Acquisitions that we may make from time
to time could have an adverse impact on us.

 From time to time, we examine opportunities to
acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change
the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our
success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for
any such acquisition, and integrate the acquired operations successfully with those of our Company. Any acquisitions would be accompanied
by risks which could have a material adverse effect on our business. For example, there may be a significant change in commodity prices
after we have committed to complete the transaction and established the purchase price or exchange ratio; a material ore body may prove
to be below expectations; we may have difficulty integrating and assimilating the operations and personnel of any acquired companies,
realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform
standards, policies and controls across the organization; the integration of the acquired business or assets may disrupt our ongoing business
and our relationships with employees, customers, suppliers and contractors; and the acquired business or assets may have unknown liabilities
which may be significant. In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased.
If we choose to use equity as consideration for such acquisition, existing shareholders may suffer dilution. Alternatively, we may choose
to finance any such acquisition with our existing resources. There can be no assurance that we would be successful in overcoming these
risks or any other problems encountered in connection with such acquisitions.

 The uranium industry is subject to numerous
stringent laws, regulations and standards, including environmental protection laws and regulations. If any changes occur that would make
these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial
delays, which would have a material adverse effect on our operations.

 Uranium exploration and pre-extraction programs
and mining activities are subject to numerous stringent laws, regulations and standards at the federal, state, and local levels governing
permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation
of the environment, protection of endangered and protected species, mine safety, hazardous substances and other matters. Our compliance
with these requirements requires significant financial and personnel resources.

 The laws, regulations, policies or current administrative
practices of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change
or be applied or interpreted in a manner which may also have a material adverse effect on our operations. The actions, policies or regulations,
or changes thereto, of any government body, by executive order or regulatory agency or special interest group, may also have a material
adverse effect on our operations.

 Uranium exploration and pre-extraction
programs and mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and
local levels. These laws and regulations, which include permitting and reclamation requirements, regulate emissions, water storage
and discharges and disposal of hazardous wastes. Uranium mining activities are also subject to laws and regulations which seek to
maintain health and safety standards by regulating the design and use of mining methods. Various permits from governmental and
regulatory bodies are required for mining to commence or continue, and no assurance can be provided that required permits will be
received in a timely manner.

 Our compliance costs including the posting of
surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date,
and are expected to increase in scale and scope as we expand our operations in the future. Furthermore, environmental protection laws
and regulations may become more stringent in the future, and compliance with such changes may require capital outlays in excess of those
anticipated or cause substantial delays, which would have a material adverse effect on our operations.

 To the best of our knowledge, our operations are
in compliance, in all material respects, with all applicable laws, regulations and standards. We may not be able or may elect not to insure
against the risk of liability for violations of such laws, regulations and standards, due to high insurance premiums or other reasons.
Where coverage is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk,
subject to exclusions and limitations. However, we cannot provide any assurance that such insurance will continue to be available at reasonable
premiums or that such insurance will be adequate to cover any resulting liability.

 We may not be able to obtain, maintain or
amend rights, authorizations, licenses, permits or consents required for our operations.

 Our exploration mining and planned uranium and
vanadium ore processing activities at the proposed company owned mill are dependent upon the grant of appropriate rights, authorizations,
licenses, permits and consents, as well as continuation and amendment of these rights, authorizations, licenses, permits and consents
already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn or made subject to limitations.
There can be no assurance that all necessary rights, authorizations, licenses, permits and consents will be granted to us, or that authorizations,
licenses, permits and consents already granted will not be withdrawn or made subject to limitations.

 Closure and remediation costs for environmental
liabilities may exceed the provisions we have made.

 Natural resource companies are required to close
their operations and rehabilitate the lands in accordance with a variety of environmental laws and regulations. Estimates of the total
ultimate closure and rehabilitation costs for uranium operations are significant and based principally on current legal and regulatory
requirements and closure plans that may change materially. Any underestimated or unanticipated rehabilitation costs could materially affect
our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, are probable
and can be reasonably estimated. Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation
cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated
net income in the related period.

 The laws and regulations governing closure and
remediation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions
which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position or
results of operations.

 Major nuclear incidents may have adverse
effects on the nuclear and uranium industries.

 The nuclear incident that occurred in Japan in
March 2011 had significant and adverse effects on both the nuclear and uranium industries. If another nuclear incident were to occur,
it may have further adverse effects for both industries. Public opinion of nuclear power as a source of electricity generation may be
adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or
abandon current reliance on nuclear power or reduce or abandon existing plans for nuclear power expansion. Any one of these occurrences
has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices
for uranium, adversely affecting the Company's operations and prospects. Furthermore, the growth of the nuclear and uranium industries
is dependent on continuing and growing public support of nuclear power as a viable source of electricity generation.

 The marketability of uranium concentrates
will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested
capital.

 The marketability of uranium concentrates extracted
by us will be affected by numerous factors beyond our control. These factors include macroeconomic factors, fluctuations in the market
price of uranium, governmental regulations, land tenure and use, regulations concerning the importing and exporting of uranium and environmental
protection regulations. The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors
may result in our inability to receive an adequate return on our invested capital.

 The only significant market for uranium
is nuclear power plants world-wide, and there are a limited number of customers.

 We are dependent on a limited number of electric
utilities that buy uranium for nuclear power plants. Because of the limited market for uranium, a reduction in purchases of newly produced
uranium by electric utilities for any reason (such as plant closings) would adversely affect the viability of our business.

 The price of alternative energy sources
affects the demand for and price of uranium.

 The attractiveness of uranium as an alternative
fuel to generate electricity may be dependent on the relative prices of oil, gas, wind, solar, coal and hydro-electricity and the possibility
of developing other low-cost sources of energy. If the prices of alternative energy sources decrease or new low-cost alternative energy
sources are developed, the demand for uranium could decrease, which may result in a decrease in the price of uranium.

 The title to our mineral property interests
may be challenged.

 Although we have taken reasonable measures to
ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests
will not be challenged. No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and
tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter
such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments,
aboriginal peoples or other claimants. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and
title may be affected by, among other things, undetected defects. A successful challenge to the precise area and location of our claims
could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

 Due to the nature of our business, we may
be subject to legal proceedings which may divert management's time and attention from our business and result in substantial damage
awards.

 Due to the nature of our business, we may be subject
to numerous regulatory investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business.
The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon
many unknown factors. We may be forced to expend significant resources in the defense of these suits, and we may not prevail. Defending
against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming
for us and detract from our ability to fully focus our internal resources on our business activities. The results of any legal proceeding
cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators,
judges and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not
have a material adverse effect on our business, financial position or operating results.

 Competition from better-capitalized companies
affects prices and our ability to acquire both properties and personnel.

 There is global competition for uranium/vanadium
properties, ore processing mills, capital, customers and the employment and retention of qualified personnel. In the production and marketing
of uranium and vanadium, there are a number of producing entities, some of which are government controlled and all of which are significantly
larger and better capitalized than we are. Many of these organizations also have substantially greater financial, technical, manufacturing
and distribution resources than we have.

 Our uranium production also competes with uranium
recovered from the de-enrichment of highly enriched uranium obtained from the dismantling of United States and Russian nuclear weapons
and imports to the United States of uranium from the former Soviet Union and from the sale of uranium inventory held by the DoE. In addition,
there are numerous entities in the market that compete with us for properties and mills and are attempting to become licensed to operate
ISR and/or underground mining facilities. If we are unable to successfully compete for properties, mills, capital, customers or employees
or with alternative uranium sources, it could have a materially adverse effect on our results of operations.

 Because we have limited capital, inherent
mining risks pose a significant threat to us compared with our larger competitors.

 Because we have limited capital, we may be unable
to withstand significant losses that can result from inherent risks associated with mining, including environmental hazards, industrial
accidents, flooding, earthquake, interruptions due to weather conditions and other acts of nature which larger competitors could withstand.
Such risks could result in damage to or destruction of our infrastructure and production facilities, as well as to adjacent properties,
personal injury, environmental damage and processing and production delays, causing monetary losses and possible legal liability. Our
business could be harmed if we lose the services of our key personnel.

 Our business and mineral exploration programs
depend upon our ability to employ the services of geologists, engineers and other experts. In operating our business and in order to continue
our programs, we compete for the services of professionals with other mineral exploration companies and businesses. Our ability to maintain
and expand our business and continue our exploration programs may be impaired if we are unable to continue to employ or engage those parties
currently providing services and expertise to us or identify and engage other qualified personnel to do so in their place. To retain key
personnel, we may face increased compensation costs, including potential new stock incentive grants and there can be no assurance that
the incentive measures we implement will be successful in helping us retain our key personnel.

 If we fail to maintain proper and effective
internal controls, our ability to produce accurate and timely consolidated financial statements could be impaired, which could harm our
operating results, our ability to operate our business and investors' views of us.

 Ensuring that we have adequate internal financial
and accounting controls and procedures in place so that we can produce accurate consolidated financial statements on a timely basis is
a costly and time-consuming effort that will need to be evaluated frequently. Section 404 of the Sarbanes-Oxley Act requires public companies
to conduct an annual review and evaluation of their internal controls. The Company is in the process of reviewing its internal control
over financial reporting in the interest of complying with Section 404 of the Sarbanes-Oxley Act. Our failure to maintain the effectiveness
of our internal controls in accordance with the requirements of the Sarbanes-Oxley Act could have a material adverse effect on our business.
We could lose investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on the
price of our common shares.

 The Company may be subject to certain tax
consequences in its business, which may increase the cost of doing business.

 The Company may not be able to structure its acquisitions
to result in tax-free treatment for the companies or their stockholders, which could deter third parties from entering into certain business
combinations with the Company or result in being taxed on consideration received in a transaction.

 Cyber incidents
or cyberattacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.

 We depend on digital
technologies, including information systems, infrastructure and cloud applications and services, including those of third parties with
which we may deal. Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or
infrastructure of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and
sensitive or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently
protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate
any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.

 Our business, financial condition and results
of operations may be negatively affected by economic and other consequences from Russia's military action against Ukraine and the
international sanctions imposed in response to that action, as well as from other military conflicts in the Middle East and elsewhere.

 In late February 2022, Russia launched a large-scale
military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine,
Europe, NATO and the West, including the United States. In response to the military action by Russia, various countries, including the
United States, the United Kingdom and European Union issued broad-ranging economic sanctions against Russia and its companies, institutions,
officials and oligarchs. Additional sanctions have been and may be imposed in the future. Such sanctions (and any future sanctions) and
other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including
but not limited to, financial, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline
in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia's
government, companies and certain individuals; weaken the value of the ruble; downgrade the country's credit rating; freeze Russian
securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have
other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states
have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

 A conflict erupted in the Middle East that has resulted in interruptions
to travel, shipping and logistics and creating escalated unrest in the region. Any continuation or escalation of this conflict is likely
to result in further risks to the local and worldwide economy, not different from the interruptions discussed above related to the tensions
between Russia and Ukraine.

 The ramifications of the hostilities and
sanctions discussed above may not be limited to Russia, Ukraine and the Middle East, as well as Russian, Ukrainian and Middle
East based companies and may spill over to and negatively impact other regional and global economic markets (including Europe and
the United States), companies in other countries (particularly those that have significant trade with Russia and Ukraine) and
on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the
actions discussed above and the potential for a wider conflict could increase financial market volatility and cause severe negative
effects on regional and global economic markets, industries, and companies. In addition, Russia may take retaliatory actions and
other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may
negatively impact such countries and companies.

 The extent and duration of the military action
or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and
the result of any diplomatic negotiations cannot be predicted.

 While we expect any direct impacts to our business
to be limited, the indirect impacts on the economy, such as recession, and on the mining industry and other industries in general could
negatively affect our business and may make it more difficult for us to raise equity or debt financing and/or impair global equity prices,
including Western's.

 In addition, the impact of other current macro-economic
factors on our business, which may be exacerbated by the war in Ukraine – including inflation, supply chain constraints and geopolitical
events – is uncertain.

 We are subject to global economic risks.

 In the event of a general economic downturn or
a recession, there can be no assurance that our business, financial condition and results of operations would not be materially adversely
affected. The occurrence of unforeseen or extended catastrophic events, including in particular the emergence of a future pandemic or
other widespread health emergency (or concerns over the possibility of such an emergency) could create economic and financial disruptions.
These types of challenges can impact commodity prices, including for uranium and vanadium, as well as currencies and global stock markets.
In the case of a future pandemic or other widespread health emergency, quarantine or otherwise, requirements or circumstances may require
the Company to change the way it conducts its business and operations, including requiring the Company to reduce or cease operations at
some or all its facilities for an indeterminate period of time. Furthermore, our critical supply chains may similarly be disrupted for
an indeterminate amount of time. All these factors could have a material impact on the Company's business, operations, personnel
and financial condition.

 These types of challenges may impact our ability
to obtain equity, debt or other financing on terms commercially reasonable to us, or at all. Additionally, these types of factors, as
well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment
losses. If these types of challenges occur, or if there is a material deterioration in general business and economic conditions, our operations
could be adversely impacted and the trading price of our securities could be adversely affected.

 In the event of the occurrence of these global
risk events, our business could be severely impacted, including:

 interruption of key mining activities due to
limitations on travel, gathering, or business operations imposed or recommended by federal or state governments, employers and others.

 limitations in employee resources, including
because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people.

 delays in financial reporting and filings due
to the impact of mitigation efforts on staff and service providers

 changes in local regulations as part of a response
to a pandemic outbreak which may require us to change the ways in which mining is conducted, which may result in unexpected costs.

 delays in necessary interactions with regulators
and other important agencies and contractors due to limitations in employee resources or new procedures due to limitations otherwise imposed.

 reduction in the global demand for uranium and/or
vanadium due to reduced primary applications of uranium (nuclear power generation) and vanadium (steelmaking).

 Changing global
and regional political and economic conditions, including changes in U.S. laws and policies regulating international trade, including
the imposition of import tariffs, changes to regulations affecting cross-border trade and transactions, trade and other disputes between
the United States and other jurisdictions could adversely impact our business.

 Recent political and economic shifts, both domestic and international,
may create uncertainty and pose risks to our operations and business. Government policies related to protectionism, economic nationalism
and attitudes toward multinational corporations have recently resulted in, and could result in additional, regulatory changes, trade barriers,
or investment restrictions. Additionally, international trade disputes – including tariffs, counter-tariffs, export controls,
sanctions and currency regulations – may increase costs, further disrupt supply chains, and have other negative impacts on our business
and operating models. Furthermore, market volatility, driven by shifts in U.S. and foreign trade policies, fluctuating interest rates
or currency controls, may affect commodity prices, capital availability and investor confidence. Even the perception of these risks could
lead to reduced investment, higher production and operating costs, and other operational challenges. If such trends continue, they may
have a material adverse effect on our business and financial performance. It is difficult to estimate the potential impact on our business.
To the extent these conditions adversely affect our business as discussed, they may also have the effect of heightening many of the
other risks described in this Item 1A such as those relating to cyber-security, supply chain, inflationary and other volatility in
prices of goods and materials, and the condition of the markets including as related to our ability to access additional capital, any
of which could negatively affect our business.

 Risks Related to Our Stock

 If we are unable to raise additional capital,
our business may fail and shareholders may lose their entire investment.

 We had $5,482,631 in cash and cash equivalents
as of December 31, 2024. There can be no assurance that we will be able to obtain additional capital after we exhaust our current cash.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities
would likely result in substantial dilution to existing shareholders. If we borrow money, we will have to pay interest and may also have
to agree to restrictions that limit our operating flexibility.

 If additional capital is not available in sufficient
amounts or on a timely basis, we will experience liquidity problems, and we could face the need to significantly curtail current operations,
change our planned business strategies and pursue other remedial measures. Any curtailment of business operations would have a material
negative effect on operating results, the value of our outstanding stock is likely to fall, and our business may fail, causing our shareholders
to lose their entire investment.

 Shareholders could be diluted if we were
to use common shares to raise capital.

 We may need to seek additional capital to carry
our business plan. This financing could involve one or more types of securities including common shares, convertible debt or warrants
to acquire common shares. These securities could be issued at or below the then prevailing market price for our common shares. Any issuance
of additional common shares could be dilutive to existing shareholders and could adversely affect the market price of our common shares.

 The Company's common shares may at
times be traded in low volumes, which may negatively affect your ability to sell shares.

 The Company's common shares may trade at
times in low volumes on both the CSE and OTCQX, meaning that the number of persons interested in purchasing our common shares at or near
bid prices at any given time may be relatively small. This situation may be attributable to a number of factors, including the fact that
we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment
community who can generate or influence sales volume, and that even if we came to the attention of such institutionally oriented persons,
they tend to be risk-averse in this environment and would be reluctant to follow an early stage company such as ours or purchase or recommend
the purchase of our shares until such time as we became more advanced and viable. As a consequence, there may be periods of several days
or more when trading activity in the Company's shares is minimal, as compared to a seasoned issuer which has a large and steady
volume of trading activity that will generally support continuous sales without an adverse effect on share price. The Company cannot
give you any assurance that a broader or more active public trading market for our common shares will develop or be sustained. Due
to these conditions, we can give you no assurance that you will be able to sell your shares at or near bid prices or at all if you need
money or otherwise desire to liquidate your shares. Further, certain institutional and other investors may have investment
guidelines that restrict or prohibit investing in securities traded in the over-the-counter market. These factors may have
an adverse impact on the trading and price of our securities and could result in the loss by investors of all or part of their investment.

 The Company's common share price may
be volatile.

 The future trading price of the Company's
common shares may be volatile and may fluctuate substantially. The price of the common shares may be higher or lower than the price you
pay for your shares, depending on many factors, some of which are beyond the Company's control and may not be directly related to
its operating performance. These factors include the following:

 price and volume fluctuations in the overall stock market from time to time;

 significant volatility in the market price and trading volume of securities of mineral exploration and mining companies;

 changes in government regulations or regulatory policies with respect to mineral exploration and mining companies or in the status of our regulatory approvals;

 actual or anticipated changes in earnings or fluctuations in operating results;

 announcements by us or by our competitors of acquisitions or of new products, commercial relationships or capital commitments;

 disruption to our operations or those of other contractors critical to our operations;

 the emergence of new competitors;

 commencement of, or our involvement in, litigation;

 dilutive issuances of our common shares or the incurrence of additional debt;

 adoption of new or different accounting standards;

 general economic conditions and trends and slow or negative growth of related markets;

 loss of a major funding source; or

 departures of key personnel.

 Due to the continued potential volatility of its
stock price, the Company may be the target of securities litigation in the future. Securities litigation could result in substantial costs
and divert management's attention and resources from the business.

 The sale of shares by our directors and
officers may adversely affect the market price for our shares.

 Sales of significant amounts of common shares
held by our officers and directors, or the prospect of these sales, could adversely affect the market price of our common shares. Management's
stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which
in turn could reduce our stock price or prevent our shareholders from realizing a premium over our stock price.

 We have never paid or declared any dividends
on our common shares.

 We have never paid or declared any dividends on
our common shares or preferred stock. Likewise, we do not anticipate paying dividends or distributions on our common shares. Any future
dividends on common shares will be declared, if at all, at the discretion of our board of directors and will depend, among other things,
on our earnings, our financial requirements for future operations and growth, and other facts as we may then deem appropriate.

 Our Chief Executive Officer is our largest
shareholder, and as a result he may be able to exert control over us and may have actual or potential interests that may diverge from
yours.

 George Glasier, our CEO, beneficially owns, in
the aggregate, about 9.7% of our common shares. As a result, Mr. Glasier might be able to influence many matters requiring shareholder
approval, including the election of directors and approval of mergers and other significant corporate transactions. This concentration
of ownership may have the effect of delaying, preventing or deterring a change in control, and could deprive our shareholders of an opportunity
to receive a premium for their common shares as part of a sale of our company and may affect the market price of our stock.

 Furthermore, Mr. Glasier may have interests that
diverge from those of other holders of our common shares. As a result, Mr. Glasier may vote the shares he owns or controls or otherwise
cause us to take actions that may conflict with your best interests as a shareholder, which could adversely affect our results of operations
and the trading price of our common shares. Through this control, Mr. Glasier can exert influence over our management, affairs and all
matters requiring shareholder approval, including the approval of significant corporate transactions, a sale of our company, decisions
about our capital structure and the composition of our board of directors.

 Risks Related to Our Regulatory Environment

 The SEC's adoption of the "Modernization
of Property Disclosures for Mining Registrants," as codified in S-K 1300, created new disclosure requirements for mineral reserves
and mineral resources that create some ambiguity for issuers required to comply with both the requirements of S-K 1300 and NI 43-101 and
may result in increased compliance costs.

 SEC Industry Guide 7 has been rescinded and replaced by S-K 1300, which
requires that we disclose specific information related to our material mining operations, including with particularity any mineral resources
and mineral reserves. Although we have established the existence of mineralized materials on our uranium properties, we have not established
any measured mineral resources or any proven or probable reserves through the completion of a feasibility study for any of our uranium
properties and we have no current plans to seek to do so, as it would not serve a business purpose at the present time. Nevertheless,
if in the future we were to seek to identify any measured mineral resources or to establish any proven or probable reserves, we would
be required to provide disclosure in that regard under both S-K 1300 and NI 43-101. While S-K 1300 is substantively similar to NI 43-101
(with the primary difference being between the format required for an S-K 1300 technical report summary and the format required for an
NI 43-101 technical report), we would incur additional costs from having to comply with both sets of regulatory requirements, and since
S-K 1300 is potentially subject to unknown interpretations, the Company could be required to incur substantial additional costs associated
with compliance. We cannot predict the nature of any future enforcement, interpretation, or application of S-K 1300. Any further revisions
to, or interpretations of, S-K 1300 or NI 43-101 could result our company incurring unforeseen costs associated with compliance with both
of those disclosure regimes.

 ITEM 1B. UNRESOLVED
STAFF COMMENTS

 None

 ITEM 1C. CYBERSECURITY

 We acknowledge the increasing
importance of cybersecurity in today's digital and interconnected world. Cybersecurity threats pose significant risks to the integrity
of our systems and data, potentially impacting our business operations, financial condition and reputation.

 As a smaller reporting
company, we currently do not have formalized cybersecurity measures, a dedicated cybersecurity team or specific protocols in place to
manage cybersecurity risks. Our approach to cybersecurity is in the developmental stage, and we have not yet conducted comprehensive risk
assessments, established an incident response plan or engaged with external cybersecurity consultants for assessments or services.

 We have not experienced
any significant cybersecurity incidents to date. However, we recognize that the absence of a formalized cybersecurity framework may leave
us vulnerable to cyberattacks, data breaches and other cybersecurity incidents. Such events could potentially lead to unauthorized access
to, or disclosure of, sensitive information, disrupt our business operations, result in regulatory fines or litigation costs and negatively
impact our reputation among investors, shareholders, customers and partners.

 We are in the process
of evaluating our cybersecurity needs and developing appropriate measures to enhance our cybersecurity posture. This includes considering
the engagement of external cybersecurity experts to advise on best practices, conducting vulnerability assessments and developing an incident
response strategy. Our goal is to establish a cybersecurity framework that is commensurate with our size, complexity and the nature of
our operations, thereby reducing our exposure to cybersecurity risks.

 In addition, our Board of Directors (the "Board") will
oversee any cybersecurity risk management framework and a dedicated committee of the Board or an officer appointed by the Board will review
and approve any cybersecurity policies, strategies and risk management practices.

 Despite our efforts to
improve our cybersecurity measures, there can be no assurance that our initiatives will fully mitigate the risks posed by cyber threats.
The landscape of cybersecurity risks is constantly evolving, and we will continue to assess and update our cybersecurity measures in response
to emerging threats.

 For a discussion of potential
cybersecurity risks affecting us, please refer to the "Risk Factors" section of this Annual Report.

 ITEM 2. PROPERTIES

 Company headquarters is maintained at 5 Church
Street, Toronto, Ontario, Canada M5E 1M2.

 An operations facility is rented at 31617 Hwy
90 Road, Nucla, Colorado, USA which houses the Kinetic Separation units and a shop office. In 2022, the rental of a new mining operations
office was added at 31525 Hwy 90 Road, Nucla, Colorado, USA.

 The diagram below illustrates the location of
the Company's properties:

 1.

 Sunday Mine Complex

 2.

 San Rafael

 3.

 Sage

 4.

 Dunn

 5.

 Van 4

 6.

 Hansen/Taylor Ranch

 7.

 Bullen Property (Weld County)

 8.

 Maverick Minerals Mill Site (Emery County)

 9.

 Mustang Mineral Mill Site (Montrose County)

 Overview

 Western Uranium & Vanadium Corp is engaged
in the business of exploring, developing, mining and production from its uranium and vanadium resource properties.

 On September 16, 2015, in connection with the
Black Range Transaction, the Company acquired additional mineral properties. The mining assets acquired through Black Range included assets
in the states of Colorado, Wyoming, and Alaska. None of these mining assets are operational at this time. As these properties have not
formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material
can be economically extracted as originally planned and anticipated.

 The Company's mining properties acquired on August 18, 2014 that
the Company retains as of December 31, 2024, include:

 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 project located in San Juan County, Utah and San Miguel County, Colorado

 Dunn Project located in San Juan County, Utah.

 The Company's mining properties acquired on September 16, 2015
that the Company retains as of December 31, 2024, include:

 Hansen, North Hansen, High Park, and Hansen Picnic Tree, located in Fremont and Teller Counties, Colorado

 The Keota Uranium project acreage located in Weld County, Colorado

 Ferris Haggerty located in Carbon County, Wyoming

 The Company has a 100% interest in the Hansen/Taylor
Ranch Project properties that it has elected to retain.

 Although we have established the existence of
mineralized materials on our uranium properties, we have not established any measured, indicated or inferred mineral resources or any
proven or probable reserves through the completion of a feasibility study for any of our uranium properties and we have no current plans
to seek to do so, as it would not serve a business purpose at the present time.

 The near term plan for the Company's resources
is to initially mine at the Sunday Complex. The Sunday Mine Complex is an advanced stage property with a significant drilling and production
history. Mining and drilling occurred contemporaneously from the 1950's through the mid 1980's. From the 1980's to the
present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high. The last previous mining
interval was from 2006 to 2009. Based on the available records, only in 2009 did any surface drilling take place since mid-1980. Past
operators have generated abundant geologic and mining data, and there are open faces underground that show mineralized zones. Near term
exploration is not needed because the underground infrastructure has been already developed.

 Mining Properties

 Set forth below are details regarding our mining
properties operated by us, which have been prepared in accordance with the requirements of S-K 1300.

 1. Sunday Mines Complex

 The Sunday Mine Complex
is located in western San Miguel County and is part of the Uravan Mineral Belt. The property is situated 25 miles north of Dove Creek,
Colorado, on the north flank of Disappointment Valley and portions of Big Gypsum Valley. Energy Fuels Resources (USA) Inc. ("EFR")
acquired the property in June 2012 from Denison Mines Corp. The complex consists of five individual mines with mine workings located along
a two mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally south, with associated vents
and surface facilities. The mines are, from east to west: Sunday, Carnation, Saint Jude, West Sunday, and Topaz. The mines were
previously actively mined from 2007 to 2009, by a prior owner. In 2017, the mines were re-opening for a project involving exploration,
development, and mining.

 The property consists
of 221 unpatented claims on public land managed by the U.S. Bureau of Land Management ("BLM") Tres Rios
Field Office, covering approximately 3,800 acres. The area covers parts of sections 10, 13, 14, 15, 23, 24, and 26 T44N
R18W, and sections 18, 19, 20, and 30 T44N R17W. Total annual BLM claim maintenance fees are approximately $36,465 due
September 1st each year. The property has access to grid power and has a natural underground source of water due to an aquifer. As
a mine that has produced in the recent past, the Sunday Mine Complex has a robust infrastructure. The roads are all-weather, electric
power is grid-tied, surface facility structures that meet Colorado State standards exist, and water is present. During 2019, Western restarted
these mines and after pausing for COVID-19, these mines have reengaged in active mining operations.

 Claims for the Sunday
Mine Complex carry a 1.0% royalty on all ore produced, also, in addition, the GMG, Sunshine, and Patsun claims (totaling twenty
claims in the northeast portion of the property) carry a 12.5% royalty on all ore produced.

 The property is
best accessed from Colorado. Access from Colorado is via State Highway 141 east out of Naturita, CO for about 3.7 mi (6 km) until
the 141/145 Highway junction, then about 22.4 mi (36 km) south on Hwy 141, then about 6.2 mi (10 km) northwest on County Road 20R
(Gypsum Valley Road). The State Highway 141 is a paved all-weather road and the County Road 20R is a gravel road passable in all but
the worst weather.

 The Sunday Mine Complex
consists of six different mines. These are the Topaz, West Sunday, Sunday, St. Jude, Carnation, and the GMG. The mines have had a number
of owners and operators. Maps and documents made available to the author show that the following companies have been involved in the all
or parts of the property prior to WUC acquisition of the Sunday Mine Complex Uranium ("SMC") in April 2014: Matterhorn Mining
(1950's-1960's, Climax Uranium 1960's, Union Carbide Corporation (UCC) 1970's-1980's, Atlas Minerals (1980's),
Energy Fuels Nuclear (early 1990's), International Uranium Corp. (1990's-2000's), Denison Mines (USA) (2000's),
and Energy Fuels (2010's). The documents are incomplete as so this list may be as well. Since UCC days, the ownership has been clear.
In 1983 Union Carbide transferred its mineral interests to UMETCO, a wholly-owned subsidiary. For the sake of consistency, the name Union
Carbide will be used even if technically the ownership was UMETCO at the time.

 Records made available
by the Company and a search of public documents on-line indicates exploration drilling starting on the property in the early 1950's.
Two Defense Minerals Exploration Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some
drilling and minor surface extraction had occurred by the mid 1950's (DMEA, 1953 & 1956). Additionally, historic maps of the
area show the Sunday mines in operation in the 1950's (Denison Mines, 2008).

 The records & anecdotal
evidence indicate that from the mid-1960's until the early 1980's, the SMC produced material from relatively steady ongoing
mining operations. These ceased in 1984 when Union Carbide closed their Uravan mill. Since then, the property has been idle, with the
exception of brief periods in the late 1980's when UCC mined for a short time during a spike in vanadium prices, in the mid-1990's
with International Uranium Corporation and another one in 2006-2009 when Denison Mines extracted ore from the mine. During all three periods,
the ore was processed at the White Mesa Mill located just south of Blanding, UT.

 Exploration and development
drilling on the property was contemporaneous with the mining. The available database records show that at least 1,419 holes have been
drilled on the property. This is an incomplete list, as an examination of the available maps and cross-sections show a number of holes
that are not in the database. A best estimate for total distance drilled is about 850,100 ft (259,175 m). Anecdotal evidence and some
maps also give evidence that underground long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m) to 300 ft (91
m) long) were used extensively throughout the mined areas.

 The 2-D digitized mine
workings, done by Denison Mines show extensive stopping and drifting within parts of the SMC. Generational mine maps indicate that more
mine workings exist than are shown in the digital database. A very conservative rough estimate of the linear mine workings based on the
digital database is in excess of 50,000 ft (15,244 m) with many stopes. Figure 6.2.1 shows the known drill hole and mine working locations.

 Based on the records
and on field inspection, it is evident that the Property has a significant history of drill exploration and mine development.

 Anthony R. Adkins, P.
Geol., LLC was commissioned by the Company to prepare a technical report compliant with NI 43-101 on the Sunday Mine Complex Uranium (SMC)
Project (the "Sunday Mine Report"). The Sunday Mine Report was finalized on July 7, 2015 and filed on sedar.com on July 16,
2015.

 The Sunday Mine Report is an historic estimate
of measured and indicated resources (not reserves) under NI 43-101. However, the Company is not treating the historical estimate as current
mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

 There is no more recent data available on the
Sunday Mine Complex project resource than that of the Sunday Mine Report. In order to disclose a resource estimate as current, the Company
would need to engage a qualified person (as defined under 43-101 and S-K 1300) to, among other things, take account of any exploration
or other work on the Sunday Mine Complex since the date of the historical estimate and produce a technical report compliant with NI 43-101
and a feasibility study compliant with S-K 1300. The Company currently does not intend to commission such a technical report or feasibility
study.

 Geologically,
the main hosts for uranium-vanadium mineralization in the Sunday Mine Complex are fluvial sandstone beds assigned to the upper part of
the Salt Wash Member of the Jurassic Morrison Formation, with minor production coming from conglomeratic sandstones assigned to the lower
portion of the Brushy Basin Member of the Morrison Formation. Mineralization from both members is present at the property, with the mine
production coming from the Salt Wash Member. Beds generally strike NW-SE and dip SW, with some exceptions within fault bounded blocks
adjacent to Big Gypsum Valley.

 Restoration and Reclamation

 Each of the mines
are permitted separately with the DRMS. The mines and their permitted acres and financial warranties are, from east to west, the Sunday (60
acres, $330,242), Carnation (9.8 acres, $40,245), Saint Jude (9.8 acres, $69,828), West Sunday (12.1 acres, $85,036), and Topaz
(30 acres, $110,792).

 The air permits for the
site are currently being renewed with APCD. A Stormwater permit is in place with the WQCD and a Stormwater Management
Plan is in effect. However, a mine water treatment plant may need to be permitted for treating mine water, as there is currently 55 million
gallons of water in the lower portion of the mine where most of the remaining resource is located. This will require a discharge permit
with the WQCD and revisions to the Plan of Operations, EPP, and one of the DRMS mine permits. Special Use Permits are also in place with
San Miguel County, which mainly address road maintenance and transportation issues with some limitations in effect on when and how many
trucks may be used for ore haulage to the mill.

 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 the allowed evaluation period and was cancelled. Pursuant to the Fiscal Responsibility Act of 2023,
the Company has a one year time limit for BLM reviews. 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 are conducting new work toward gathering additional inputs for the BLM resubmission,
but have not yet restarted the BLM clock by making an amended submission.

 Major permits currently in place at the Sunday Complex include:

 Sunday 112d Mine Permit M-1977-285 (DRMS)

 St. Jude 110d Mine Permit M-1978-039-HR (DRMS)

 West Sunday 112d Mine Permit M-1981-021 (DRMS)

 Carnation 110d Mine Permit M-1977-416 (DRMS)

 Topaz 112d Mine Permit M-1980-055-HR (DRMS)

 West Sunday Plan of Operations COC 52049 (BLM)

 Sunday, St. Jude and Carnation Plan of Operations COC-53227 (BLM)

 Resolution #1997-18 Mine Permit (San Miguel County)

 Resolution 2007-34 Topaz and Sunday Expansion (San Miguel County)

 Resolution 2008-41 Increased Ore Haulage (San Miguel County)

 Road & Bridge Special Construction Permit (SCP) 06-14 (San Miguel County)

 2. San Rafael

 The San Rafael Uranium Project land position is
comprised of a contiguous claim block covered by 136 BM unpatented federal lode mining claims and 10 Hollie unpatented federal lode mining
claims.

 The San Rafael Project is located in the historic
Tidwell District about 10 miles west of Green River, Utah. Most of the property is north of Interstate Highway 70 at the Hanksville exit.

 Energy Fuels became operator of the San Rafael
Project when it acquired Magnum Minerals in June 2009. It consisted of two core uranium deposits, the Deep Gold and the Down Yonder. In
January 2011, EFR acquired the 10 Hollie claims from Titan Uranium. These claims covered the eastern portion of the Deep Gold deposit,
greatly increasing resources. WUC acquired the property from Energy Fuels and currently holds the 146 claims in the project area.

 The San Rafael Uranium Project is currently being
held as a property that is exploratory in nature with no identified reserves. Exploration and mining plans have not been prepared for
the project. The Company has not yet undertaken any development work at the property. Power and water sources have not yet been formally
assessed.

 Magnum's acquisition of the claims and some
of the data Magnum purchased encumbers the claims. This includes a 2% Net Smelter Return royalty to Uranium One, successor to Energy Metals
for claims acquired by Magnum as earn-in to a JV, and a 2% net sales price royalty to Kelly Dearth on the BM claims. There is no royalty
on the Hollie claims.

 The unpatented claims are located on approximately
2,900 acres of land administered by the U.S. Bureau of Land Management in sections 13, 14, 23, 24, 25, 26, and 35, T21S, R14E, SLPM, Emery
County, Utah. Holding cost $24,090 due to BLM for claim maintenance fees prior to September 1 each year.

 During 2024, the Company conducted work to make
the San Rafael Uranium Project its second mining production center. Western has acquired an exploration permit which will allow the installation
of monitor wells as a next step.

 The property is located on the eastern side of
the San Rafael Swell in east-central Utah, approximately 140 air miles southeast of Salt Lake City. The little desert community of Green
River, Utah is located about ten miles to the east. In a general sense the San Rafael Uranium Project property position lies within a
wedge shaped area, roughly bound along its northeast edge by US Highway 6-50 and along its southeast edge by Interstate 70.

 Concerning additional local access features, U.S.
Highway 6-50 crosses just north of the greater San Rafael Uranium Project area in a northwesterly direction and is roughly paralleled
by the regional railroad line. Access to the property is generally good year around, except for periods of heavy snowstorms during December
through February and increased monsoon rains and summer cloudburst storms during August through October. Access for drilling and other
exploration activity is excellent, except during occasional heavy rainy periods which can create heavy flash flooding and roads mudding-up
and becoming impassable.

 The Deep Gold deposit was originally discovered
by Continental Oil Company (Conoco) and Pioneer Uravan geologists in the late 1960s and 1970s to early 1980s, respectively. Exploration
drilling was conducted just east of the core of the Tidwell Mineral Belt and north-northeast of the Acerson Mineral Belt. The area containing
the deposits was considered to contain highly prospective paleo trunk stream channel trends. Some of the larger historic producing mines
in the area were Atlas Minerals' Snow, Probe, and Lucky Mines. The deposit in the San Rafael Project is an open concordant, channel-controlled,
sandstone-hosted, trend type, with mineralization hosted in the upper sandstone sequence of the Salt Wash Member of the Upper Jurassic
Morrison Formation.

 In addition to Conoco, Pioneer Uravan, and Atlas
Minerals, the US Atomic Energy Commission (AEC) and other companies (Union Carbide, Energy Fuels Nuclear, and others) conducted exploration
drilling and mining in the area. Some of these companies performed historic resource estimates on the Deep Gold deposits, but they are
not considered compliant with NI 43-101 standards.

 Depth to mineralization at the Deep Gold deposit
in Section 23 averages 800 feet, with hole depths averaging approximately 1,000 feet. Magnum purchased and otherwise acquired most of
the available historic exploration data produced by the previous operators. A 100 hole, 100,000 foot drilling program is warranted to
discover and define additional uranium resources. Total cost for this work would be $US 1.3 million to $US 1.5 million, based on an all-inclusive
cost of $US 15/foot.

 The Tidwell Mineral Belt and the San Rafael Uranium
District have been the sites of considerable historic exploration drilling and production, with over 4 million pounds of uranium and 5.4
million pounds of vanadium produced. Production from the Snow, immediately up dip of the Deep Gold deposit, which produced for nine years,
starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U3O8 contained in 173,330 tons of material at an average
grade of 0.188% U3O8 (Wilbanks, 1982).

 O. Jay Gatten, P. Geol.,
LLC was commissioned by the Company to prepare an independent technical report compliant with NI 43-101 on the San Rafael Uranium Project
(including the: Deep Gold Uranium Deposit and the Down Yonder Uranium Deposit) (the "San Rafael Report"). The San Rafael Report
was finalized on November 19, 2014 and filed on sedar.com on November 20, 2015.

 The San Rafael Report is an historic estimate
of indicated and inferred uranium resources (not measured resources or reserves) under NI 43-101. However, the Company is not treating
the historical estimate as current mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K
annual reports.

 There is no more recent data available on the
San Rafael Uranium Project property than that of the San Rafael Report. In order to disclose a resource estimate as current, the Company
would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant with NI 43-101
and a feasibility study compliant with S-K 1300. The Company currently does not intend to commission such a technical report or feasibility
study.

 Geologically, the main hosts for uranium-vanadium
mineralization in the San Rafael Project are the fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the Jurassic
Morrison Formation.

 Restoration and Reclamation

 A financial warranty is posted with the State
of Utah Division of Oil, Gas and Mining for the amount of $61,403 (2 acres).

 All exploration permits have been terminated and
related bonding released. An EA was completed by BLM in 2008 for drilling up to 150 holes. A large area has been surveyed for cultural
and paleontological resources which would expedite future exploration permits. No mine permitting activities have yet occurred.

 Although the mine is permitted (E/015/0293) and
bonded ($61,403) for exploration, it is not permitted for mining.

 Existing permits include:

 Exploration permit.

 3. Sage

 On July 1, 2014 PRM concluded a deal with EFR
to acquire 44 contiguous unpatented mining claims on the Utah side of the Colorado-Utah state line at the head of Summit Canyon at the
south end of the Uravan Mineral Belt.

 The 94 unpatented claims are located
on approximately 1,942 acres land administered by the U.S. Bureau of Land Management in sections 34 and 35, T32S, R26E, SLPM, San Juan
County, Utah and sections 25 and 26, T43N, R20W, NMPM, and sections 19, 29, 30, 31, and 32, T43N, R19W, NMPM San Miguel County, Colorado. Holding
cost is $15,510 due to BLM for claim maintenance fees prior to September 1 each year. The property has access to grid power,
however, no source of industrial water has yet been identified. The Sage Mine Project is currently being held as a property that is exploratory
in nature with no identified reserves. Exploration and mining plans have not been prepared for the project. Western Uranium & Vanadium
Corp. is currently evaluating conducting rehabilitation at the mine and is pursuing the next steps required. Western Uranium & Vanadium
Corp has not yet undertaken any development work at the property.

 The Sage Plain Project property can be accessed
from the north, south, and east on paved, all-weather county roads. The nearest towns with stores, restaurants, lodging, and small industrial
supply retailers are Monticello, Utah, 26 road miles to the west, and Dove Creek, Colorado, 20 road miles to the southeast. Larger population
centers with more supplies and services are available farther away at Moab, Utah (61 road miles to the north) and Cortez, Colorado (54
road miles to the southeast).

 U.S. Highway 491 connects Monticello, Utah to
Dove Creek and Cortez, Colorado. There are two routes north from this highway to the project. At one mile west of the Colorado/Utah state
line (16 miles east of Monticello or 10 miles west of Dove Creek), San Juan County Road 370 goes north for 10 miles to the Calliham Mine
portal site drive way. The mine portal is one-half mile east of Road 370, on a private road. An alternate route is to turn north on Colorado
Highway 141(2 miles west of Dove Creek) for 9.5 miles to Egnar, Colorado, then turn west on San Miguel County. Road H1 for 1.2 miles before
intersecting San Juan County Road 370. Road 370 would be taken north for 4 miles to the Calliham Mine portal site driveway. Road H1 from
Egnar would also be used if one was traveling to the project on Highway 141 from farther north in Colorado, such as Naturita, Colorado
(a total of 62 miles away).

 The property includes the historic producing Sage Mine and boarders
the famous Deremo Mine and the Calliham Mine (combined historic production of over 8 million lbs of U3O8 and 70 million lbs of
V 2 O 5). The uranium-vanadium deposits occur in the upper and middle sandstones of the Salt Wash Member of the Morrison
Formation.

 WUC is in possession of historic mine and drill
maps. About 200 historic holes were drilled on the claims at the Sage Mine. A considerable, but unknown amount of drilling occurred historically
on the eastern (Colorado) part of the claims along the benches of Summit and Bishop Canyons. Historic production from several small mines
occurred on the Colorado claims (Red Ant, Black Spider, etc.).

 The Sage Mine was developed, operated, and permitted
by Atlas Minerals in the 1970s. It closed in 1982 and was ultimately sold and the permit transferred to Butt Mining Company under a Small
Mine NOI. Jim Butt operated the mine for a short time in the early 1990s when vanadium prices were high; however, the mine has been idle
since that time.

 In the fall of 2011, Colorado Plateau Partners
drilled seven holes totaling 4,873 feet at the Sage Mine property to confirm historic map data and explore for a possible east-west channel
connecting the mine to a mineralized body to the west. The drilling was successful in meeting the objectives of confirming the accuracy
of the historic data and verifying a historically defined mineralized body. One hole exploring a possible mineralized trend connecting
the mine to the western mineralized body intercepted 2.0 feet of 0.407% eU 3 O 8. Another hole intercepted mineralization
greater than 1.0 foot of 0.16% eU 3 O 8.

 Prior to the Company's acquisition of the
Sage Mine property, Energy Fuels, Colorado Plateau Partners (a Joint Venture between Energy Fuels and Lynx-Royal) completed a NI 43-101
technical report on the Sage Plain Project (Technical Report on Colorado Plateau Partners LLC (Energy Fuel Resources Corporation/Lynx-Royal
JV) Sage Plain Project, San Juan County, Utah and San Miguel County, Colorado by Douglas C. Peters, Certified Professional Geologist,
Peters Geosciences Golden, Colorado December 16, 2011) (the "Sage Mine Energy Fuels Report").

 The Sage Mine Energy Fuels Report resource is
an historic estimate of mineral resources (not reserves) under NI 43-101. The Company is not treating the historical estimate as current
mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

 Energy Fuels submitted an Exploration NOI to the
BLM in March 2013 for the site thereby establishing a nominal permit for the facility. Permitting for mine expansion was started in 2012,
but was discontinued due to other priorities. This work included installing 3 monitoring wells around a proposed portable water treatment
plant (exploration permit E/037/0188; bond $16,020) and conducting baseline studies (archeology, biology, groundwater). Eight baseline
groundwater sampling events have been completed, which will allow for submittal of a complete groundwater discharge permit application
to DWQ.

 Other than offsetting some of the historic drill
holes and use of gamma logs where available, no verification of the historical data has been conducted. No core is available at the present
time from the earlier exploration or production work.

 There is no more recent data available on the
Sage Mine project resource than that of the Sage Mine Energy Fuels Report. In order to disclose a resource estimate as current, the Company
would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant with NI 43-101
and a feasibility study compliant with S-K 1300. The Company currently does not intend to commission such a technical report or feasibility
study.

 The Sage Plain and nearby Slick Rock and Dry Valley/East
Canyon districts uranium vanadium deposits are a similar type to those elsewhere in the Uravan Mineral Belt. The location and shape of
mineralized deposits are largely controlled by the permeability of the host sandstone. Most mineralization is in trends where Top Rim
sandstones are thick, usually 40 feet or greater.

 The Sage Plain District appears to be a large
channel of Top Rim sandstone which trends northeast, as one of the major trunk channels that is fanning into distributaries in the southern
portion of the Uravan Mineral Belt. The Calliham/Crain/Skidmore (Calliham Mine) and Sage Mine deposits, as well as nearby Deremo and Wilson/Silverbell
mines appear to be controlled by meandering within this main channel.

 The Morrison sediments accumulated as oxidized
detritus in the fluvial environment. During early burial and diagenesis, the through-flowing ground water within the large, saturated
pile of Salt Wash and Brushy Basin material remained oxidized, thereby transporting uranium in solution. When the uranium-rich waters
encountered the zones of trapped reduced waters, the uranium precipitated. Vanadium may have been leached from the detrital iron-titanium
mineral grains and subsequently deposited along with or prior to the uranium.

 The thickness, the gray color, and pyrite and
carbon contents of sandstones, along with gray or green mudstone, were recognized by early workers as significant and still serve as exploration
guides. Much of the Top Rim sandstone in the Sage Plain Project area exhibits these favorable features; therefore, portions of the property
with only widely spaced drill holes hold potential. However, without the historic drill data, it cannot be determined where sedimentary
facies are located (e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink and red oxidized sandstone
and overbank mudstones). Furthermore, locations of interface zones of the oxidized and reduced environments are hard to predict. Until
more historic data are obtained and/or more drilling occurs on the property away from the historic mines, these outlying areas remain
exploration targets.

 Restoration and Reclamation

 A financial warranty is posted with the Colorado
Mined Land Reclamation Board for the amount of $40,124.

 Although the mine is permitted (S/037/0058) and
bonded ($40,124) for reclamation it is not permitted for mining. Because of its location on BLM managed land, an Environmental Impact
Assessment will need to be prepared for the site by a third-party contractor once a Plan of Operations is submitted for the mine operation.
An amendment to the Small Mine Reclamation NOI will also be needed with Utah Division of Oil Gas and Mining to allow for mine expansion.

 Existing permits include:

 Small Mine Reclamation
permit with the Utah Division of Oil Gas and Mining.

 Basis of Disclosure

 The scientific and technical information provided
in this Form 10-K on the Sage Mine, as well all data and exploration information reported in this Form 10-K on the Sage Mine, is based
on the information reported in the Sage Mine Energy Fuels Report.

 4. Dunn

 The 11 unpatented claims are located on approximately
220 acres of land administered by the BLM in sections 14 and 15, T32S, R25E, SLPM, San Juan County, Utah. Holding costs of the 11 claims
will be $1,815 due to BLM before September 1 each year.

 The Dunn Project is currently being held as a
property that is exploratory in nature with no identified reserves. Exploration and mining plans have not been prepared for the project.
Western Uranium & Vanadium Corp. has not yet undertaken any development work at the property. Power and water sources have not yet
been formally assessed.

 The property lies in Bear Trap Canyon, a tributary
at the head of East Canyon. This is midway between the EFR Rim Mine and the Calliham/Sage mine area. Access to the Dunn project is
from West Summit Road (San Juan County Road 313), 10.8 miles north of the junction with U.S. Highway 491. West Summit Road is a two-lane
paved road that is well maintained year round. At 10.8 miles, a graveled Class D County Road (unnamed), spurs off of West Summit Road,
passes through the leased lands and terminates at the Dunn Portal at approximately 2.1 miles from the spur. The nearest town to the Dunn
project is Monticello, Utah which is approximately 65 miles away. The closest commercial airport facilities are located in Cortez, Colorado,
approximately 65 miles to the southeast, and Moab, Utah approximately 65 miles to the northwest; both airports have daily commercial flights
to-and-from Denver International Airport.

 The first discovery of uranium-vanadium mineralization
within close proximity to the Dunn project was by Homestake Mining Company in the late 1960s at what would eventually become the Wilson
Mine 4 miles to the east. Mineralization associated with the Dunn mine was discovered by Gulf Oil Corporation in the late 1960s, which
was subsequently acquired by Homestake, followed by Atlas Minerals in the 1970's. Between 1975 and 1983 Atlas completed 243 drill
holes at the Dunn project with an average total depth of 724 feet. By 1981, Atlas had delineated a resource that could justify the construction
of a 3,825 foot decline. The decline successfully reached the perimeter of delineated mineralization, but before any production-mining,
Atlas ceased operations in 1983 when faced with financial setbacks that required them to divert funds.

 In July 2013, Energy Fuels Resources acquired
the Dunn Mine property from American Strategic Minerals Corporation and Kyle Kimmerle.

 The Dunn project occurs on structurally unaffected
terrain between the gently folded Boulder Knoll anticline to the southwest and the more prominent salt-cored Lisbon Valley anticline to
the northeast. The strata beneath the project are relatively flat, and no major faults or folds are expected to disrupt bedding or unit
contacts.

 Uranium-vanadium mineralization at the Dunn is
hosted in the Salt Wash Member of the Jurassic Morrison formation which occurs at approximately 500 to 750 feet below the surface. The
average depth to the mineralized sandstones within the Salt Wash Member is 650 feet from the surface.

 The primary uranium mineral is uraninite with
minor amounts of coffinite. The primary vanadium mineral is Montroseite.

 Restoration and Reclamation.

 No liabilities currently exist.

 No permits currently exist.

 Basis of Disclosure

 The scientific and technical information provided
in this Form 10-K on the Dunn Project American Strategic Mineral Corporation is based on information provided in a NI 43-101 technical
report prepared by American Strategic Minerals Corporation (the previous owner of the Dunn Project) entitled Technical Report on American
Strategic Minerals Corporation's Dunn Project, San Juan County, Utah by Dr. David A. Gonzales, PhD, PG, Durango, Colorado March
23, 2012. Mr. Gonzales is a qualified person for purposes of NI 43-101. However, none of the data, other exploration information or other
results reported in that report are being incorporated into this Form 10-K.

 5. Van #4

 The Van#4 is located in the Uravan Mineral Belt
on Monogram Mesa in Montrose County, Colorado. The property had been held by Denison and its predecessors for many years. The property
consists of 47 unpatented mining claims covering the mine site and long-known deposit to the east, plus two large claim groups to the
north, east, and south with exploration potential.

 The 80 unpatented claims are located
on approximately 1,900 acres land administered by the U.S. Bureau of Land Management in sections 27, 28, 29, 33, and 34, T48N,
R17W, NMPM, and some in section 3, T47N, R17W, Montrose County, Colorado. The Holding costs of the 80 claims will be $7,755 due
to BLM before September 1 each year. There are no royalties encumbering these claims.

 The property includes the Van #4 shaft and associated
surface facilities, which need renovation. The mine is connected to the Ura decline on claims in Bull Canyon to the southwest,
not owned by WUC. It has been on standby for many years. Denison completed reclamation of two of the ventilation holes in 2008 and
2010. The property has access to grid power; however, no source of industrial water has been identified yet. The Van 4 mine is currently
being held as a property that is exploratory in nature. Exploration and mining plans have not been prepared for the project. Western Uranium
& Vanadium Corp. has not yet undertaken any development work at the property. Power and water sources have not yet been assessed.

 A prior owner of the Company's Van 4 Mine
had been granted a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board ("MLRB")
which was set to expire June 23, 2017. Prior to its expiration, PRM formally requested an extension through a second Temporary Cessation.
PRM subsequently participated in a public process which culminated in a hearing on July 26, 2017. Prior to the hearing, three non-profit
organizations who pursue environmental and conservation objectives filed a brief objecting to the extension. The MLRB board members voted
to grant a second five-year Temporary Cessation for the Van 4 Mine. Thereafter, the three objecting parties filed a lawsuit on September
18, 2017. The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit
filed after a hearing must include all of the parties in the proceeding. The plaintiff organizations are seeking for the court to set
aside the board order granting a second five-year Temporary Cessation period to PRM for the Van 4 Mine. The Colorado state Attorney General
was defending this action in the Denver Colorado District Court. On May 8, 2018, the Denver Colorado District Court ruled in favor, whereby
the additional five-year temporary cessation period was granted. The Plaintiffs appealed this ruling to the Colorado Court of Appeals
and on July 25, 2019 the ruling was reversed, whereby the additional five-year temporary cessation period should not have been granted.
Thereafter, the MLRB and the Colorado Attorney General advised Western that it will not make an additional appeal of the ruling. Further,
the time period for an appeal has passed. The Judge has subsequently issued an instruction for the MLRB to issue an order revoking the
permit and putting the Van 4 Mine into reclamation. On January 22, 2020, the MLRB held a hearing and afterward on March 2, 2020, the MLRB
issued an order vacating the Van 4 Temporary Cessation, terminating mining operations and ordering commencement of final reclamation.
The Company has five years to complete the reclamation of the Van 4 Mine. The reclamation commenced in the spring of 2020 and is fully
covered by the reclamation bonds posted upon acquisition of the property. Western's Operations team has completed the last of the
reclamation work prior to the reclamation deadline. The Company expects that CDRMS will complete another inspection by Q2 of 2025, after
which the Company expects the reclamation bond to be released.

 The Van #4 mine is accessible via Montrose County
Roads year-round.

 The Van#4 was initially permitted in the late
1970s and early 1980s by Union Carbide as part of a number of small mines named the Thunderbolt Group. Energy Fuels Nuclear, Inc. (EFN)
acquired the mine in 1984 and then transferred the mine and permits to International Uranium Corporation (IUC) in 1997. IUC re-permitted
the mine with DRMS (then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other mines in
the area that were not acquired by IUC. Mine Permit M-1997-032 with DRMS is currently in good standing and bonded for $75,057. Amendment
AM-1, which incorporated the approved EPP, was issued on May 30, 2012. The permit has been transferred over the years from IUC to Denison
Mines (USA) Corp. to Energy Fuels Resources (USA) Inc. and now to WUC by way of PRM.

 The uranium-vanadium deposits occur in the upper
and middle sandstones of the Salt Wash Member of the Morrison Formation. Deposits in this part of the Uravan Mineral Belt have a moderate
V 2 O 5: U3O8 ratio. The Company is in possession of much historic mine and drill data (former Union Carbide/Umetco property), as
well as up-to-date mine maps. Denison drilled most recently (summer 2008) 21 wide-spaced exploration holes in sections 27 and 34.
All have been reclaimed and the permit terminated.

 Restoration and Reclamation.

 There is a reclamation bond held by the Colorado
DRMS for $75,057.

 Permit compliance is currently limited to an annual stormwater inspection; stormwater improvement
work was completed in 2010 and 2012. The air permit with APCD was recently allowed to lapse, as the company does not have any immediate
development or operation plans for the mine. The mine does not have EPA approval for radon emissions; however, this approval may not be
needed to restart mining, as the life-of-mine production will likely be less than 100,000 tons. The DRMS mining permit was put into Temporary
Cessation in February, 2014. Existing major permits at the mine include:

 BLM Plan of Operations COC-62522 (same as DRMS Permit M-97-032)

 DRMS 110d (Small Mine, DMO) Mine Permit M-97-032

 6. Hansen/Taylor Ranch

 Within the Project area, Black Range has mining
agreements, owns fee minerals, holds options to purchase fee mineral rights, holds federal unpatented mining claims and mineral leases
with the State of Colorado, and has in place surface access agreements, including:

 -
 1 x private Mineral Lease

 -
 1 x State Mineral Lease (UR3324)

 -
 1 x option to purchase 100% of the Hansen and Picnic Tree
Deposits

 -
 108 Federal unpatented mining claims

 The Hansen/Taylor Ranch Project is currently being
held as a property that is exploratory in nature with no identified reserves. Neither exploration plans nor a mining plan exist for the
project. Black Range Minerals has not undertaken development work at the property since groundwater well installation in 2013. Power and
water sources have not yet been formally assessed.

 The Company owned 49% of the resource property
and had an option to purchase the remaining 51% of the resource property that the Company did not already own. In 2019 Western did not
exercise the option and the option expired unexercised. Currently, Western still retains 49% of the resource land package.

 The Project is located in Fremont County, in South
Central Colorado approximately 30 miles northwest of the city of Canon City. Canon City is the closest population center and had a population
of 16,400 in 2010. The largest metropolitan area in close proximity to the Project is Colorado Springs which is located approximately
46 miles northeast of Canon City and has a population of approximately 416,000. Figure 1 shows the locations of these population centers
with respect to the Project.

 For ground travel, Canon City is best accessed
from Denver/Colorado Springs via I-25 south to State Highway 115 which intersects Highway 50 just east of Canon City. For air travel,
alternatives include the Colorado Springs Municipal Airport (COS), which is a 16-gate facility served by 14 airlines and Denver's
International Airport (DEN), which is 149 miles from Canon City. There is a small airport, Fremont County Airport (CNE), located in Canon
City, which is open to private flights. The property has access to grid power; however, no source of industrial water has been identified
yet.

 Uranium mineralization was discovered in the Tallahassee
Creek District in 1954 by two groups of prospectors. Between 1954 and 1972, 16 small open pit and underground mines were operated in the
district. Discoveries, and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine, the Smaller
Mine, producing from the Echo Park Formation. Exploration efforts were minimal until Rampart Exploration Company (Rampart), under contract
to Cyprus, explored the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with other uranium deposits
in the district. Cyprus took the Hansen and Picnic Tree deposits through a positive final feasibility analysis in 1980 for an open-pit
mining and conventional uranium milling operation and secured all necessary operating permits in 1981. The collapse of the uranium market
led to Cyprus abandoning the project which lay dormant until Black Range Minerals began activities in late 2006.

 Black Range Mineral's Taylor Ranch Project,
CO, consists of a combination of private, BLM and State Section minerals, and private, BLM and State Section surface rights. Ownership
of the private minerals and surface has mainly been by local ranchers. Western Nuclear held a portion of the property briefly in 1968.
Cyprus gained control of mineral and surface rights during the period 1975-1978.

 In 1993, Cyprus sold their Tallahassee Creek
holdings to Noah (Buddy) and Diane Taylor who had managed ranching activities on the property. The Taylors were not able to make the
final payment to Cyprus and sold the southern portion of their holdings which included the Hansen and Picnic Tree deposits to New
Mexico and Arizona Land (now NZ Minerals) in 1996 who, in 1998, sold the property to South T-Bar Ranch, a subsidiary of Colorado
developer Land Properties, while reserving a 49% interest in the minerals.

 This part of Cyprus' prior holdings was
subdivided, mainly into 35-acre parcels. Beginning in December 2006, through various purchases, leases and option agreements, Black Range
Minerals has obtained mineral rights to most of the original Cyprus holdings.

 Prior to the Hansen/Taylor Project being acquired
by WUC, a mineral resource for the Hansen/Taylor Ranch Project for Black Range Minerals Limited. Black Range Reported a JORC compliant
indicated uranium resources. This historic resource estimate was originally reported to Black Range Minerals Limited by Tetra Tech in
four resource memos (collectively, the "Tetra Tech Reports"): 1) High Park Kriging Resources – Taylor Ranch Uranium
Project, April 25, 2008; 2) North Hansen, Boyer Kriging Resources – Taylor Ranch Uranium Project, April 29, 2009; 3) Technical Memorandum
– Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project, August 24, 2009; and 4) Technical Memorandum
– Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project (Updated 2010), August 12, 2010. These
memos were originally prepared by Rex Bryan of Tetra Tech, a qualified person under NI 43-101. The results reported in the Tetra Tech
Reports are historical estimates under NI 43-101. However, the Company is not treating the historical estimate as current mineral resources,
and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

 The historic Black Range Minerals resource reported
in the Tetra Tech Reports uses JORC indicated and inferred resource categories and does not contain reserves. There is no more recent
data available on the Hansen/Taylor Project resource than that of the Tetra Tech Reports. In order to disclose a resource estimate as
current, the Company would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant
with NI 43-101 and a feasibility study compliant with S-K 1300. The Company currently does not intend to commission such a technical report
or feasibility study.

 The deposits that make up the Project are tabular sandstone deposits
associated with redox interfaces. The mineralization is hosted in Tertiary sandstones and/or clay bearing conglomerates within an extinct
braided stream, fluvial system or palaeochannel. Mineralization occurred post sediment deposition when oxygenated uraniferous groundwater
moving through the host rocks came into contact with redox interfaces, the resultant chemical change caused the precipitation of uranium
oxides. The most common cause of redox interfaces is the presence of carbonaceous material that was deposited simultaneously with the
host sediments. In parts of the Project the palaeochannel has been covered by Tertiary volcanic rocks and throughout the Project basement
consists of Pre-Cambrian plutonics and metamorphic rocks. The volcanic and Pre-Cambrian rocks are believed to be the source of the uranium.

 Restoration and Reclamation

 During the fourth quarter of 2021, the Company
received notice from the State of Colorado that its surety release request on the Hansen Picnic Tree property had been approved, and as
such, this property is no longer subject to reclamation treatment. As the property wasn't a current development priority, Western
completed reclamation on the property. The Company recorded a discontinuation of the Hansen Picnic Tree property's present value
of $44,793 during the fourth quarter of 2021. On December 29, 2021, the Company moved the $154,936 restricted cash deposit into its cash
after receiving payment from the state of Colorado.

 The project's exploration permit lapsed
with the completion of reclamation.

 Basis of Disclosure

 The scientific and technical information provided
in this Form 10-K on the Hansen/Taylor Ranch Project, as well all data and exploration information reported in this Form 10-K on the Hansen/Taylor
Ranch Project, is based on the information reported in the Tetra Tech Reports.

 7. Bullen Property (Weld County)

 The Bullen Property is a private land parcel located
in Weld County Colorado and is inclusive of 139 surface acres and 160 mineral acres. The property location is Township 9 North, Range
60 West, 6 th P.M., Section 34:NW/4.

 The Bullen Property is accessible via Weld County
roads year-round.

 The Bullen Property is an oil and gas
property located in Weld County Colorado. The Company acquired this non-core property in 2015 in the Black Range Minerals Limited
acquisition. Black Range purchased the property in 2008 for its Keota Uranium Project. This 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 was the only acreage retained in Weld County by virtue of its outright ownership.

 In 2017, the Company signed a three year oil and
gas lease which in 2020 was extended for an additional three year term or the end of continuous operations. The consideration was in the
form of upfront bonus payments and backend production royalty payments. Additional right-of-way easement agreements were signed which
allowed for the development of a pipeline. The lease agreement allows the Company to retain property rights to vanadium, uranium, and
other mineral resources.

 In early 2020 Bison Oil & Gas ("Bison")
traded this lease to Mallard Exploration ("Mallard"), Mallard subsequently filed an application with the Colorado Oil &
Gas Conservation Commission (COGCC) to update the permitting to create a new pooled unit.

 In late 2020 Mallard began development of the
pooled unit. These DJ-Basin wells target the Niobrara formation. During 2021, the operator completed all well development stages and eight
(8) wells commenced oil and gas production by August 2021. The first royalty payment was made in January 2022. During 2022, the operator
completed all well development stages on a second set of eight (8) wells which commenced oil and gas production by August 2022. The first
monthly royalty payment including production from the new wells was made in January 2023. Monthly royalty payments are ongoing.

 In January 2023, Mallard was acquired by Bison.

 The Bullen Property is located within the Denver-Julesburg
Basin ("D-J Basin") which is inclusive of multiple oil and gas formations.

 Mallard's application with the Colorado
Oil & Gas Conservation Commission (COGCC) created 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. In 2021, the first set of 8 permitted wells were put into production. In 2022, the second set of 8 permitted
wells were put into production. Thus all permitted wells in the pooled unit have been put into production and are paying monthly royalties.

 8. Maverick Minerals Mill Site (Emery County, Utah)

 The Maverick Minerals Mill Site land package was assembled through
the purchase of three parcels on which to permit and construct mineral processing facilities. Engineering and design work, as well as
site testing, was performed during 2024. In October 2024, Western acquired a second site (please see discussion of Mustang site below),
which was larger, located closer to the Company's Sunday Mine Complex and was a more advanced site for the permitting and construction
of the Company's initial mineral processing mill. The Maverick Minerals Mill Site is in close proximity to Western's San Rafael
project.

 The Maverick Minerals Mill Site is accessible
by Utah public roads year round.

 Ownership

 The Maverick Minerals Mill Site is owned by Western.

 Western has collected certain environmental testing
data to be utilized in connection with a future permit application. Baseline data collection was paused prior to commencing monitor well
installation. Western is currently evaluating next steps and timing for this site.

 The Maverick Minerals Mill Site acquisition was
completed in 2023.

 Planned Operations and Maintenance

 Subsequent to the acquisition of the Mustang Mineral
Mill Site, Western is evaluating the next steps for this site.

 Environmental Matters

 The Maverick Minerals Mill Site consists principally of an undeveloped
parcel of land. There are no known environmental matters to report.

 Total Cost of Project

 Western is currently evaluating the expected use
for this site and the related costs that will be incurred.

 The Company's Planned Work

 There are no near term plans for operations at
this site.

 9. Mustang Mineral Mill Site (Montrose County, Colorado)

 The Mustang Mineral Mill Site is an 880 acre parcel of land located
in Montrose County, Colorado, situated approximately 50 road miles from Western's Sunday Mine Complex. This is the second site acquired
by Western for the permitting, development and construction of a mineral processing facility. The Mustang Mineral Mill site was purchased
in October 2024, where a uranium processing mill was previously licensed, but never constructed. Western expects to benefit from the prior
site owner's completion of all phases of licensing and permitting of its mill project. Western's mill is expected to have
a cost of approximately $75 million and is planned to start up in 2029. When purchased, the Mustang Mineral Mill Site included certain
infrastructure already in place, including nine monitoring wells and three production wells, meteorological data towers, electric power
access and initial power infrastructure, paved roads and gravel roads. The 880 acre site provides abundant space for tailings disposal
to support 40 years of continuous mill operations.

 The site is accessible by public roads year around.

 Ownership

 The site is owned by Western.

 Western has started permitting for the Mustang Mineral Mill Plant and
the site was previously permitted for a uranium mill that was never constructed.

 The site was acquired during 2024.

 The mill is under development by the Western team.
However, under a prior owner it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting
the permitting process. The Colorado Department of Public Health and Environment (CDPHE) has issued a license for this facility twice,
underscoring the site's compliance with stringent regulatory requirements.

 Environmental Matters

 None. The land was previously used for grazing
land. A Cultural Study was conducted previously and it was determined that the facility will not affect properties of religious or cultural
significance to any Indian tribe. There are no residual environmental issues.

 Total Cost of Project

 Western is expecting the mill to be constructed at a cost of approximately
$75 million. Preliminary engineering designs from the Maverick Mill are applicable as well as engineering and licensing application work
completed on this same site for the Pinon Ridge Mill.

 The Company's Planned Work

 The Company's plans are to develop and license
a uranium and vanadium processing facility to process production from its resources in Colorado in addition to those in Utah.

 INFRASTRUCTURE

 The Company's carrying value of mineral
assets, equipment and kinetic separation intellectual property is as follows:

 The Company holds a license to use Kinetic Separation,
a proven technology that we anticipate will improve the efficiency of the sandstone hosted uranium mining process, although there are
some uncertainties about whether the anticipated benefits will be realized. See Item 1, "Business – Corporate History"
and "Business – Our Strategy – Uranium/Vanadium Production". The Kinetic Separation Process." Kinetic Separation
is a low cost, purely physical method of uranium and vanadium ore extraction. Kinetic Separation has been initially tested in order to
understand the hydro and mechanical separation processes. The Company used a pilot Kinetic Separation system to test several different
samples of uranium ore from the Sunday Mine Complex and the Hansen/Taylor Ranch properties. In all cases, uranium ore that was entered
into the Kinetic Separation pilot system appeared to concentrate most of the uranium into the post kinetically separated material consisting
of a fraction of the original mass, leaving most of the post kinetically separated materials which did not contain any uranium. The results
of these tests have not yet been validated by a qualified person.

 On December 1, 2016 a determination was made by
the CDPHE considering the NRC Advisory Opinion, the Colorado public meeting process, and the CDPHE regulatory and evaluation framework.
This determination stated that the proposed Kinetic Separation operations at the Sunday Mine by Black Range Minerals must be regulated
by the CDPHE through a milling license. Previously, the Company was unable to deploy Kinetic Separation as it was without a regulatory
framework, but as a result of this determination the Company is now able to deploy Kinetic Separation under a milling license. The Colorado
milling license that Western is currently seeking will likely incorporate Kinetic Separation via an amendment to the initial license –
as Western's current plan is to submit a licensing application that is substantially identical to the application used previously
for the Pinon Ridge Mill (which did not include the Company's Kinetic Separation technology).

 The Company holds mineral properties as outlined
below.

 Pinon Ridge Properties

 On August 18, 2014, the Company purchased mining
assets from Energy Fuels Holding Corp. in an arm's length transaction. The mining assets include both owned and leased land in the
states of Utah and Colorado. All of the mining assets represent properties which have previously been mined to different degrees for uranium.
As some of the properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether
or not any mineralized material can be economically extracted as originally planned and anticipated. Western has a 1% royalty obligation
on the market value of the recovered uranium and vanadium owed to the previous property owner.

 The Company's mining properties acquired
on August 18, 2014 which the Company still retains as of December 31, 2023, 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 project located in San Juan County, Utah; and the Dunn project located in San Juan and San Miguel counties, Colorado.

 Black Range Properties

 On September 16, 2015, in connection with the
Black Range Transaction, the Company acquired additional mineral properties. The mining assets acquired through Black Range include leased
land in the states of Colorado, Wyoming and Alaska. None of these mining assets were operational at the date of acquisition. As these
properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any
mineralized material can be economically extracted as originally planned and anticipated.

 The Company's mining properties acquired
on September 16, 2015 which the Company still retains as of December 31, 2023, include Hansen, North Hansen, High Park, Hansen Picnic
Tree, Taylor Ranch, located in Fremont County, Colorado. The Company also acquired Keota located in Weld County, Wyoming.

 As the properties are not in production, they
are not covered by various types of insurance including property and casualty, liability and umbrella coverage. We have not experienced
any material uninsured or under insured losses related to our properties in the past and believe our approach sufficient given the inactivity.

 ITEM 3. LEGAL PROCEEDINGS

 Other than described below, management is not
aware of any material legal proceedings that are pending or that have been threatened against us or our subsidiaries or any of our respective
properties, and none of our directors, officers, affiliates or record or beneficial owners of more than 5% of our common shares, or any
associate of any such director, officer, affiliate or shareholder, is (i) a party adverse to us or any of our subsidiaries in any legal
proceeding or (ii) has an adverse interest to us or any of our subsidiaries in any legal proceeding.

 The Company is subject to periodic inspection
by certain regulatory agencies for the purpose of determining compliance by the Company with the conditions of its licenses. In the ordinary
course of business, minor violations may occur; however, these are not expected to result in material expenditures or have any other material
adverse effect on the Company.

 ITEM 4. MINE SAFETY DISCLOSURES

 For Western, safety is a core value, and we strive
for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production,
addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation, and program
auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the
cornerstone of safety at Western, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace
accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to
improve mine safety.

 The operation of our U.S. based mine is subject
to regulation by the Federal Mine Safety and Health Administration ("MSHA") under the Federal Mine Safety and Health Act of
1977 (the "Mine Act"). MSHA inspects our mine on a regular basis and issues various citations and orders when it believes
a violation has occurred under the Mine Act Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly
increased the number of citations and orders charged against mining operations. The dollar penalties assessed for citations issued has
also increased in recent years.

 Western is required to report certain mine safety
violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference in this annual report.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 Market Information

 Our common shares trade on the OTCQX Market under
the "WSTRF" trading symbol.

 Our common shares are listed for trading in Canada
on the CSE under the symbol "WUC".

 Shareholders

 According to our transfer agent, as of April 15,
2025 there were approximately 3,342 holders of record of our common shares.

 Unregistered Sales of Securities

 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. Each unit was comprised of one common share 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. For units sold in the United States, we relied on the private offering exemption
from registration provided by Rule 506(b) of Regulation D under the U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), based on the offers and sales having been made without any general solicitation or advertising solely to accredited investors
who represented they purchased the units for their own account for investment and not for distribution. For units sold outside of the
United States, we relied on Rule 903 of Regulation S under the U.S. Securities Act based our status as a foreign issuer with no substantial
U.S. market interest and based on the offers and sales having been made in offshore transactions without any directed selling efforts.

 ITEM 6. [RESERVED]

 Not Applicable

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Forward-Looking Statements

 The information disclosed in this annual report,
and the information incorporated by reference herein, includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations,
hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.

 The forward-looking statements contained
or incorporated by reference in this annual report are based on our current expectations and beliefs concerning future developments and
their potential effects on us and speak only as of the date of each such statement. There can be no assurance that future developments
affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of
which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those
expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors
described in Item 1A, "Risk Factors" and this Item 7 of this annual report. Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under applicable securities laws.

 The following discussion should be read in conjunction
with our audited consolidated annual financial statements and footnotes thereto contained in this annual report.

 Overview

 General

 Western Uranium & Vanadium Corp. ("Western"
or the "Company", formerly Western Uranium Corporation) 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.

 On August 18, 2014, the Company closed on the
purchase of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp. Assets purchased included both owned and leased
lands in Utah and Colorado, and all represent properties that have been previously mined for uranium to varying degrees in the past. The
acquisition included the purchase of the Sunday Mine Complex. The Sunday Mine Complex is located in western San Miguel County, Colorado.
The complex consists of the following five individual mines: the Sunday mine, the Carnation mine, the St. Jude mine, the West Sunday mine
and the Topaz Mine. The operation of each of these mines requires a separate permit, and all such permits have been obtained by Western
and are currently valid. In addition, each of the mines has good access to a paved highway, electric power to existing declines, office/storage/shop
and change buildings, and an extensive underground haulage development with several vent shafts complete with exhaust fans. The Sunday
Mine Complex is the Company's core resource property and in July 2021 was assigned "Active" status when mining operations
were restarted.

 On September 16, 2015, Western completed its
acquisition of Black Range, an Australian company that was listed on the Australian Securities Exchange until the acquisition was
completed. The acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into between Western and
Black Range. Pursuant to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme of Arrangement
("the Scheme") under the Australian Corporation Act 2001 (Cth) (the "Black Range Transaction"), with Black
Range shareholders being issued common shares of Western on a 1 for 750 basis. On August 25, 2015, the Scheme was approved by the
shareholders of Black Range, and on September 4, 2015, Black Range received approval by the Federal Court of Australia. In addition,
Western issued options to purchase Western common shares to certain employees, directors, and consultants. Such stock options were
intended to replace Black Range stock options outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

 Under United States Securities and Exchange Commission
("Commission") rules, the Black Range 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
shifting its basis of accounting from IFRS to 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 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 plans
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. On the subsequent measurement date, June 30, 2024, Western reconfirmed its qualification as a foreign private issuer.

 The Company has registered offices at 5 Church
Street, Toronto, Ontario, Canada, M5E 1M2, and its common shares are listed on the CSE under the symbol "WUC" and are traded
on the OTCQX Best Market under the symbol "WSTRF". Its 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").

 Recent Developments

 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 within each lot, and other
qualifying conditions. Within 30 days after each lot is closed, the Purchaser shall pay to PRM an 85% provisional payment calculated based
upon the sampled grade and an agreed upon pricing schedule. Within 30 days after each lot is fed to processing, the Purchaser shall pay
to PRM a final settlement payment calculated based upon the assayed grade and the agreed upon pricing schedule, net of a royalty, pursuant
to a previously existing royalty agreement with the Purchaser.

 Mustang Mineral Mill Site Acquisition

 On October 1, 2024, Western, through its wholly
owned subsidiary, Western Utah, executed a binding stock purchase 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.

 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, and the independent
committee oversaw the negotiation and approved the entering into the agreement on behalf of the Company.

 The total purchase price of PRC was $1.98 million, which consisted
of an aggregate of $829,167 in payments to former PRC shareholders for their equity interests and outstanding loans made to PRC and related
accrued interest and a $1,148,125 payment for principal and interest to a third party in satisfaction of an assumed liability of Mustang.
For the 53% ownership of PRC, $414,584 was paid to George Glasier and $24,875 was paid to an affiliate of Andrew Wilder.

 The transaction was accounted for as a purchase
of an asset.

 Mustang Mineral Processing Plant

 Our current plans call for the permitting and construction of a mineral
processing plant at its newly acquired site in Colorado. Western expects to benefit from the prior site owner's completion of all
phases of licensing and permitting of their Pinon Ridge Mill project. The Company's plans are to develop its initial mill at the
Colorado location, which is much closer to the Sunday Mine Complex. This mill is expected to have a cost of approximately $75 million
and is planned to start-up in 2029. This facility will be designed to recover uranium and vanadium both from conventional materials mined
from Company mines and materials produced by other mining companies. The processing plant will utilize the latest processing technology,
including Western's patented Kinetic Separation process. These technology advancements will result in lower overall capital and
processing costs. After permitting and construction, and subject to available financing, the processing of uranium and vanadium materials
is targeted to commence in 2029.

 Bullen Property (Weld County)

 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 of approximately 160 surface acres of the
Company's mining 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.

 On June 23, 2020, the operator elected to extend
the oil and gas lease easement for three additional years through July 2023. This was done to provide additional time in order to complete
well construction and commence oil and gas production. During 2021, the operator completed a first set of eight (8) wells which commenced
oil and gas production by August 2021. During 2022, the operator completed a second set of eight (8) wells which commenced oil and gas
production by August 2022. 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.

we recognized aggregate revenue of $183,803 and $431,065, respectively, under these oil and gas lease arrangements.

 Kinetic Separation Licensing

 On December 1, 2016 a determination was made by
the CDPHE considering the NRC Advisory Opinion, the Colorado public meeting process, and the CDPHE regulatory and evaluation framework.
This determination stated that the proposed Kinetic Separation operations at the Sunday Mine by Black Range Minerals must be regulated
by the CDPHE through a milling license. Previously, the Company was unable to deploy Kinetic Separation as it was without a regulatory
framework, but as a result of this determination the Company is now able to deploy Kinetic Separation under a milling license. The Colorado
milling license that Western is currently seeking will likely incorporate Kinetic Separation via an amendment to the initial license –
as Western's current plan is to submit a licensing application that is substantially identical to the application that was used
previously for the Pinon Ridge Mill (which did not include the Company's Kinetic Separation technology).

 Stockpiled Mined Materials Inventory

 From December 2021 through March 2022, 3,140 tons of uranium/vanadium
material was mined from the Sunday Mine Complex. The mining contractor calculated uranium grades based upon scintillometer sampling of
each 10-ton truckload and vanadium quantities were derived by applying the 6:1 historical ratio. The estimated stockpiled inventory is
50,289 pounds of uranium and 301,736 pounds of vanadium. The value of this stockpile is not reflected as an asset on the balance sheet
as the costs to produce the stockpiled inventory was expensed in accordance with Regulation SK-1300. The in-house mining team stockpiled
limited quantities of additional mined material in the current year. It is Western's intent to sell some of this stockpiled material
to Energy Fuels under the Ore Purchase Agreement.

 November 2024 Private Placement

 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.

 Incentive Stock Option Plan

 The Company maintains an Incentive Stock Option
Plan (the "Plan") that permits the granting of stock options as incentive compensation.

 Stock Option Grants

 On December 20, 2023, the Board of Directors
granted options under the Plan for the purchase of an aggregate of 1,525,000 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
$1.20 (CAD $1.60 as of December 31, 2023) and vest equally in thirds on January 31, 2024, July 31, 2024 and January 31, 2025.

 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.

 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.

 Biden-Harris, Trump
1.0 and Trump 2.0 Administration Initiatives

 During the first Trump Administration, the U.S. government focused
on market distortions caused by foreign state-owned enterprises and the economic and geopolitical influence lost by allowing Russia and
China to take the global lead in nuclear power. In support of the world's largest nuclear reactor fleet, the U.S. has implemented
some of the recommendations of the Nuclear Fuel Working Group which followed the uranium Section 232 investigation. The Russia/Ukraine
war has highlighted the nuclear fuel supply chain risks and the geopolitical risks of dependence on the direct and indirect sourcing of
nuclear fuel from state owned enterprises in Russia and former Soviet Union republics. This led to the implementation of the Uranium Reserve
Program where the U.S. Department of Energy ("DOE") purchased 1,100,000 lbs of U.S. domestic origin uranium in the first
quarter of 2023.

 Upon taking office, the Biden-Harris Administration
team immediately rejoined the Paris Climate Accord, reversed a number of pro-fossil fuel energy policies, and gave all agencies climate
change initiatives. The Administration continued to advance a national clean energy standard. U.S. utilities were expected to be required
to produce an increasing proportion of electricity generation from clean energy power sources. On August 16, 2022, the Inflation Reduction
Act was signed into law authorizing governmental investments of approximately $369 billion in climate and energy, a portion of which would
benefit the U.S. domestic nuclear industry and battery technologies.

 On November 5, 2024, the United States held a highly contested Presidential
election between Republicans (Trump-Vance) and Democrats (Harris-Walz). The Trump-Vance Republican ticket won, returning former President
Donald Trump to the Presidency on January 20, 2025. In addition, Republicans have achieved Congressional majorities in both the
Senate and House of Representatives. As a result, President Trump's legislative priorities will likely face less resistance in Congress.
Currently, nuclear energy enjoys bipartisan support. With the change in Presidential Administrations, we are already observing the climate
change and clean energy initiatives of the Biden-Harris Administration being de-emphasized. In his first day in office, President Trump
signed Executive Orders declaring a National Energy Emergency and a U.S. withdrawal from the Paris Climate Agreement for a second time.
The new Administration is seeking a reduction in the federal government's size and regulatory power, and the newly-established Department
of Government Efficiency (DOGE) has implemented workforce layoffs with the goal of a federal government headcount reduction. On February
14, 2025, President Trump signed an Executive Order creating the National Energy Dominance Council. On March 20, 2025 to boost domestic
production of critical minerals and reduce reliance on foreign imports, President Trump signed an Executive Order titled "Immediate
Measures to Increase American Mineral Production." On April 9, 2025, President Trump signed an Executive Order entitled "Zero-based
Regulatory Budgeting to Unleash American Energy" to reduce costs on energy production by requiring conditional sunset dates for
regulations. However, these positive developments for domestic energy have been overshadowed by the announcements of U.S. tariffs and
reciprocal tariffs on the U.S.'s largest trading partners. Tariffs have been implicated as the driver of volatility across global
capital markets. Subsequently, President Trump authorized a 90-day pause on reciprocal tariffs and instead implemented a flat 10% tariff
while the pause is in effect. This action calmed markets. Most countries benefited from this pause; however, it was implemented in parallel
with an increase on Chinese tariffs, and thus escalated a U.S. – China trade war.

 Nuclear Fuel and Uranium Market Conditions

 During the year ended December 31, 2024, the
spot uranium price decreased $18 from $91 to ~$73. Notably, the long-term price increased from $68 to ~$81 during a period of rising
conversion and enrichment services prices. However, this follows an extremely strong period in the market where spot uranium prices
have reacted to supply/demand constraints and geopolitical risks. Since January 2024, spot uranium had a slow decline from a high of
$100/lb level to $64/lb level at the end of March 2025. The events of 2022 have set in motion uranium market and nuclear fuel
opportunities for the next decade and beyond. There are positive catalysts across multiple levels of the nuclear fuel and uranium
markets. Underlying fundamentals are the strongest in decades. This is attributable to multiple factors, including climate change,
energy security, supply chain and energy scarcity initiatives. The supply/demand imbalance has flipped from a market with excess
supply into a market with excess future demand. With the reduced availability of secondary supplies, utilities have begun adding
multi-year contracts with mining companies for primary supply. The drivers expanding the demand for nuclear fuel include non-nuclear
nations adding nuclear power generation, nuclear nations expanding fleets and/or extending lives of existing reactors, idled nuclear
reactors being redeployed, the reversal of phase-outs and shutdowns, and the deployment of advanced reactors / SMRs. However, the
challenge is in meeting increasing demand simultaneously with supply constraints from the world's largest suppliers. We
believe uranium equity prices will continue to strengthen and reflect the underlying positive fundamentals in the nuclear/uranium
sector. Multiple market analysts have flagged low availability of mobile secondary inventories. We believe the continued draw down
of inventories to be a market catalyst for uranium prices.

 Positive nuclear energy news has continued to
highlight the global growth of future nuclear electricity generation which will drive increased nuclear fuel demand. In terms of future
supply, utility contracting has continued into 2024, and some uranium mining companies are moving toward restarting production. However,
due to the lead time needed for future uranium production, we are entering a phase where the supply-demand fundamentals are in a deep
multi-year structural supply deficit. The future is not clear as we believe some miners with available near-term production are waiting
for higher price levels and/or project funding before making full start-up commitments. Utilities are also deferring contracting to understand
how regulations and geopolitics will modify their future access to Russian uranium, conversion and enrichment services.

 In the second quarter of 2024, investors began
purchasing nuclear and uranium equities as a means to create long exposure for their positive view on Artificial Intelligence (AI), due
to the vast energy requirements of data centers. Recent transactions have been announced as tech giants Microsoft, Amazon, and Google
have sought deals to source nuclear power for their data centers from full scale reactors and SMRs. Microsoft most prominently signed
an agreement with Constellation Energy to restart a Three Mile Island reactor in Pennsylvania and purchase 100% of the power generated
for two decades.

 Nuclear Fuel Supply Chain Concentration
Risks

 Russia's invasion of Ukraine and the ensuing
global energy crisis has focused attention on security of supply and supply chain risks. This has caused most of the world to re-evaluate
their dependence upon nuclear fuel exported by Russia. In spite of the dominant market position of Rosatom, future deliveries potentially
could be at risk due to sanctions, legislation, or a Russian embargo. Customer dependence upon the Russian supply of uranium, conversion
and enrichment are being addressed slowly by governments as alternative suppliers are not currently available. Both Urenco and Orano have
announced that they will invest to expand their uranium enrichment capacity respectively in the United States and France, which represents
a shift away from Russia. Utilities are demonstrating their desire for increased security of their nuclear fuel supply chains. Kazakhstan
is also a concern because the world's largest uranium producing country has an unguarded and the second longest continuous land
border in the world shared with Russia. The potential exists for Russia to exert influence over Kazakhstan. Additionally, Kazatomprom
has put large long-term contracts in place with China. This supply is needed for China to fulfill its 15 year plan to deploy 150 new nuclear
reactors. China National Nuclear Corp. (CNNC) has recently opened a uranium trading hub /warehouse facility, on the China / Kazakhstan
border, with the capacity to store 60 million pounds of uranium. It has become evident that the nuclear fuel supply chain has become increasingly
concentrated and interconnected in this very small area of the world. Expanding Kazakhstan uranium exports to Russia and China significantly
reduces future supply for Western nuclear fuel buyers.

 In July 2023, the government of Niger was overthrown
by its military. This is significant because the new regime is opposed to Western interests and this landlocked West African country holds
the 7th largest uranium resource in the world and was producing about 5% of global production. The conflict has an anti-French sentiment,
and the Junta has initiated multiple actions that are counter to French interests. Most importantly, Niger's Junta has threatened
the export of uranium to France which has serious implications because France acquires 20% of its natural uranium from Niger. In addition
to the French evacuating/ being expelled from Niger, the U.S. military also departed the country. The Junta is utilizing Russian military
support as a replacement. In addition, the Niger government has revoked operating permits from foreign uranium companies, including Orano
in June 2024 and Goviex in July 2024. In November 2024, Orano further reported that it had lost operational control, to authorities in
Niger, of another of its uranium mines. This mine was in production, but had been impacted by export restrictions imposed by the Junta.

 During October 2023, geopolitical instabilities spread further to the
Middle East after a Hamas attack on Israel triggered a counterattack by Israel on the Gaza Strip. The Israel-Hamas hostilities have escalated
over the Summer of 2024 and then spread to other countries in the Middle East. At the beginning of 2025, Israel and Hamas agreed to a
ceasefire which ended in March 2025; the hostilities resumed in March and it's not clear when and if the combatants will be able
to negotiate a new ceasefire or an end to military actions. This additional hot spot further increases volatility in the world and destabilizes
the Middle East region that is highly influential on global energy prices.

 Results of Operations

 Year Ended December 31, 2024 as
Compared to the Year Ended December 31, 2023

 The following table presents the Company's
financial results for the years ended December 31, 2024 and 2023.

 2024

 2023

 Revenues

 $
 183,803

 $
 431,065

 Expenses

 Mining expenditures

 5,285,140

 2, 951,579

 Professional fees

 613,403

 386,473

 General and administrative

 3,599,460

 1,884,456

 Consulting fees

 1,020,577

 304,457

 Total operating expenses

 10,518,580

 5,526,965

 Operating loss

 (10,334,777
)

 (5,095,900
)

 Interest income, net

 224,738

 158,904

 Other expense, net

 (1,998
)

 (5,598
)

 (10,112,037
)

 (4,942,594
)

 Other comprehensive (loss) income

 Foreign currency translation adjustment

 (159,862
)

 187,123

 Comprehensive loss

 $
 (10,271,899
)

 $
 (4,755,471
)

 Summary:

 Our consolidated net loss for the years
ended December 31, 2024 and 2023 was $10,112,037 and $4,942,594, respectively. The principal components of these year over year
changes are discussed below.

 Our comprehensive loss for the years ended Decembers
31, 2024 and 2023 was $10,271,899 and $4,755,471, respectively.

 Revenues

 Revenues for the year ended December 31, 2024
were $183,803 as compared to $431,065 for the year ended December 31, 2023. The decrease in revenues of $247,262, or 57%, was primarily
related to lower production volumes from the oil and gas wells due to short-term well-pad maintenance shutdown in the second quarter and
lower well performance attributable to production decline curves during the year ended December 31, 2024 as compared to the year ended
December 31, 2023.

 Mining Expenditures

 Mining expenditures for the year ended December
31, 2024 were $5,285,140 as compared to $2,951,579 for the year ended December 31, 2023. The increase in mining expenditures of $2,333,561,
or 79%, was principally attributable to the scaling up of mining activities at the Sunday Mine Complex, which involved the hiring of additional
mining personnel, increased mining services and supplies costs, and increased maintenance and depreciation costs for mining equipment
and vehicles placed into service.

 Professional Fees

 Professional fees for the year ended December
31, 2024 were $613,403 as compared to $386,473 for the year ended December 31, 2023. The increase in professional fees of $226,930, or
59%, was primarily due to increased accounting and legal costs in connection with an elevated level of business, mining and acquisition
activities.

 General and Administrative

 General and administrative expenses for the year
ended December 31, 2024 were $3,599,460 as compared to $1,884,456 for the year ended December 31, 2023. The increase in general and administrative
expenses of $1,715,004, or 91%, is primarily due to increases in employee headcount and compensation, employee benefits, non-cash stock-based
compensation and insurance costs in connection with increased mining activities.

 Consulting Fees

 Consulting fees for the year ended December 31,
2024 were $1,020,577 as compared to $304,457 for the year ended December 31, 2023. The increase in consulting fees of $716,120 was due
to the costs incurred during the period for the licensing and permitting of the mineral processing plant sites in Utah and Colorado.

 Interest Income, Net

 Interest income, net for the year ended December
31, 2024 was $224,738 as compared to $158,904 for the year ended December 31, 2023. The increase in interest income, net of $65,834, or
41%, was principally attributable to higher interest rates earned on higher cash balances during the year ended December 31, 2024 compared
to the year ended December 31, 2023.

 Other Expense, Net

 Other expense, net for the year ended December
31, 2024 was $1,998 as compared to $5,598 for the year ended December 31, 2023. The decrease in other expense, net was primarily due to
a lower loss on the sale of a used vehicle during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

 Foreign Currency Translation Adjustment

 Foreign currency translation adjustment for the year ended December
31, 2024 was a loss of $159,862 as compared to a gain of $187,123 for the year ended December 31, 2023. The change in foreign currency
translation adjustment is primarily due to the weakening of the CAD against the USD.

 Liquidity and Capital Resources

 Our cash and cash equivalents and restricted cash
balance as of December 31, 2024 was $6,295,624. Our cash position is highly dependent on our ability to raise capital through the issuance
of debt and equity and our management of expenditures for mining and for the development of our mineral processing mill and for the fulfillment
of our public company reporting responsibilities. Our management believes that in order to finance the development and mining operations
of the mining properties, to construct our Kinetic Separation equipment and operations and to secure regulatory licenses for and to construct
our uranium and vanadium minerals processing facilities, we will be required to raise additional capital by way of debt and/or equity.
We will also require additional working capital to continue to scale-up our mining operations at the Sunday Mine Complex. This outlook
is based on our current financial position and is subject to change if opportunities become available based on current exploration program
results and/or external opportunities.

 Net Cash Used In Operating Activities

 Net cash used in operating activities was $8,297,043
for the year ended December 31, 2024, as compared with $4,089,495 used in operating activities for the year ended December 31, 2023. The
increase of $4,207,548 in cash used in operating activities was principally driven by an increase in net loss of $5,169,443, offset by
an increase of $713,112 in stock-based compensation and an increase of $350,778 in depreciation.

 Net Cash Used In Investing Activities

 Net cash used in investing activities was $3,391,888
for the year ended December 31, 2024, as compared with $2,404,440 for the year ended December 31, 2023. The increase in cash used in investing
activities of $987,448 was principally due to the purchase of land for the Mustang mill site of $1,982,093 in connection with the acquisition
of PRC.

 Net Cash Provided By Financing Activities

 Net cash provided by financing activities was
$8,152,328 for the year ended December 31, 2024, as compared with $5,844,411 for the year ended December 31, 2023. The increase in cash
provided by financing activities of $2,307,917 was principally due to a $3,601,414 increase in proceeds from warrant exercises, partially
reduced by a $1,289,997 decrease in aggregate net proceeds from the private placement during the calendar year 2024 as compared to the
calendar year 2023.

 Asset Retirement Obligations

 Our mines are subject to certain AROs, which we
have recorded as liabilities. 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 our best
estimate of the present value of future reclamation costs in connection with the mineral properties.

 During the year ended December 31, 2024, in connection
with our San Rafael Mine and Sunday Mine Complex, we incurred additional gross and discounted asset retirement obligations of $412,534
and $80,508, respectively. We determined the aggregate gross ARO of the mineral properties to be $1,163,978 and $751,444 as of December
31, 2024 and December 31, 2023, respectively. The portion of the asset retirement obligation related to the Van 4 Mine, which is in reclamation
as of December 31, 2024, and its related restricted cash are included in current liabilities and current assets, respectively, at a value
of $75,057. During the year ended December 31, 2024, our internal mining operations team has been performing the Van 4 Mine reclamation
work, and the State of Colorado has not yet reduced the associated asset retirement obligation amount.

 The Company's asset retirement obligations
are subject to legal and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the
applicable regulatory authorities. The asset retirement obligations represent the Company's estimate of the present value of future
reclamation costs, discounted using a credit adjusted risk-free interest rates of 5.4% for the years ended December 31, 2024 and 2023.
The net discounted aggregated values as of December 31, 2024 and 2023 were $410,098 and $316,619, respectively. On September 17, 2024
and March 13, 2025, the Company remitted $61,403 and $351,131, respectively in connection with the aforementioned 2024 incremental AROs.
Financial warranties to secure AROs as of December 31, 2024 and 2023 were $812,993 and $751,444, respectively.

 Oil and Gas Lease and Easement

 In 2017, we entered into an oil and gas lease
that became effective with respect to minerals and mineral rights owned by us of approximately 160 surface acres of our property in Colorado.
As consideration for entering into the lease, the lessee has agreed to pay us a royalty from the lessee's revenue attributed to
oil and gas produced, saved, and sold attributable to the net mineral interest. We have also received cash payments from the lessee related
to the easement that we are recognizing incrementally over the eight year term of the easement.

 On June 23, 2020, the same entity as discussed
above elected to extend the oil and gas lease easement for three additional years, through July 2023. This was done to provide additional
time in order to complete well construction and commence oil and gas production. During 2021, the operator completed a first set of eight
(8) wells which commenced oil and gas production by August 2021. During 2022, the operator completed a second set of eight (8) wells which
commenced oil and gas production by August 2022. 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.

we recognized aggregate revenue of $183,803 and $431,065, respectively, under these oil and gas lease arrangements.

 Related Party Transactions

 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 $309,138 (AUD $500,000) to Seller within 60 days of the first commercial application
of the Kinetic Separation technology. We 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, we recorded the deferred contingent consideration as an assumed liability
in the amount of $309,138 and $340,650 as of December 31, 2024 and 2023, respectively.

 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 an 880 acre property located in Montrose County, Colorado, where a uranium processing plant was previously
licensed but never constructed. 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. Therefore, this transaction constitutes a
related party transaction. The Company's Board of Directors established an independent committee of the Board, comprised of directors
who are not considered to have an interest in the transaction. The independent committee of the Board oversaw the negotiation and approved
the entering into the PRC Agreement on behalf of Western. 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 our rental of office, workshop, warehouse and employee housing facilities. We incurred rent expense of $106,500 and $71,700 in
connection with these arrangement for the years ended December 31, 2024 and 2023, respectively.

we purchased equipment from Silver Hawk Ltd. for $9,000 and $25,800, respectively.

 We are obligated to pay Mr. Glasier for reimbursable
expenses in the amount of $83,554 and $84,040, included within accounts payable and accrued expenses, as of December 31, 2024 and 2023,
respectively.

 Going Concern

 With the exception of the quarter ended June 30,
2022, we had incurred losses from our operations. During the years ended December 31, 2024 and 2023, we generated net losses of $10,112,037
and $4,942,594, respectively. We expect to generate operating losses for the foreseeable future as we incur expenses to bring our mineral
processing facilities online and further expand our mining operations. As of December 31, 2024 and 2023, we had an accumulated deficit
of $28,929,894 and $18,817,857, respectively, and working capital of $5,240,584 and $8,970,434, respectively.

 Since inception, we have met our liquidity requirements
principally through the issuance of notes, the sale of our common shares and from limited revenue sources. During the year ended December
31, 2024, we received $4,605,458 in proceeds from the exercise of our common share warrants. During November 2024, we closed a brokered
private placement of 4,142,906 units at a price of $0.94 (CAD $1.32) per unit. The aggregate net proceeds raised in the private placement
amounted to $3,546,870 (CAD $4,975,966).

 Our ability to continue our operations and to
pay our obligations when they become due is contingent upon us obtaining additional financing. Management's plans include seeking
to procure additional funds through debt and equity financings, to secure regulatory approval licenses to fully utilize our Kinetic Separation,
to permit and construct the Mustang Minerals Processing Plant for the processing of uranium and vanadium to generate operating cash flows.
We will also require capital to fund the ongoing in-house mining operations at the Sunday Mine Complex.

 There are no assurances that we will be able to
raise capital on terms acceptable to us or at all, or that cash flows generated from our operations will be sufficient to meet our current
operating costs and required debt service. If we are unable to obtain sufficient amounts of additional capital, we may be required to
reduce the scope of our planned product development, which could harm our financial condition and operating results, or we may not be
able to continue to fund our ongoing operations. These conditions raise substantial doubt about our ability to continue as a going concern
to sustain operations for at least one year from the issuance of the accompanying financial statements. The accompanying consolidated
financial statements do not include any adjustments that might result from the outcome of these uncertainties.

 Off Balance Sheet Arrangements

 As of December 31, 2024, there were no off-balance
sheet transactions. We have not entered into any specialized financial agreements to minimize our investment risk, currency risk or commodity
risk.

 Critical Accounting Estimates and Policies

 The preparation of these consolidated financial
statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities
at the date of the consolidated financial statements and reported amounts of expenses during the reporting period.

 Significant assumptions about the future and other
sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment
to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, include, but are not
limited to, the following: fair value of transactions involving common shares, assessment of the useful life and evaluation for impairment
of intangible assets, valuation and impairment assessments of mineral properties and equipment, deferred contingent consideration, asset
retirement obligations, valuation of stock-based compensation, and HST. Other areas requiring estimates include allocations of expenditures,
depletion and amortization of mineral rights and properties.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

 Not applicable.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA

 This information appears following Item 16 of
this report and is included herein by reference.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE

 Not applicable.

 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, 2024, 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.

 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.

 As of December 31, 2024, 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, 2024, our internal
control over financial reporting was not effective based on those criteria.

 Based upon its assessment as of December 31, 2024,
management 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.

 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)

 President, Chief Executive Officer and Director

 Chief Financial Officer

 Michael Rutter

 Chief Operating Officer (effective January 30, 2024)

 Bryan Murphy

 Director, Chairman

 Andrew Wilder

 Director

 Michael Skutezky

 Director (effective June 27, 2024)

 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
Pi on 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.

 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.

 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.

 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)

 2024

 300,000

 31,500

 -

 102,667

 15,000

 449,167

 President and Chief Executive Officer

 2023

 250,000

 53,000

 -

 178,751

 15,000

 496,751

 Robert Klein (2)

 2024

 200,000

 21,500

 -

 102,667

 15,000

 339,167

 Chief Financial Officer

 2023

 33,000

 -

 178,751

 15,000

 376,751

 Michael Rutter (3)

 2024

 185,000

 18,500

 -

 89,833

 -

 293,333

 Chief Operating Officer

 (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. On December 20, 2023, Mr. Glasier was granted a non-qualified option to purchase 250,000 of our common shares at an exercise price of $1.20 (CAD $1.60) 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, 2024, one-third on July 31, 2024 and one-third on January 31, 2025. For each of the years December 31, 2024 and 2023, 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. On December 20, 2023, Mr. Klein was granted a non-qualified option to purchase 250,000 of our common shares at an
exercise price of $1.20 (CAD $1.60) 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, 2024, one-third on July 31, 2024 and one-third on January 31, 2025. For each of the years
ended December 31, 2024 and 2023, 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

 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.

 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.

 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, 2024.

 Outstanding Option Awards at December 31,
2024

 Name

 Number of securities
 underlying
 unexercised options
 (#)

 exercisable

 Number of securities
 underlying
 unexercised options
 (#)

 unexercisable

 Option exercise
 price
 ($ CAD)

 Option
 expiration date

 41,667

 -

 1.03

 01/06/2025

 41,666

 -

 1.03

 01/31/2025

 41,667

 -

 1.03

 06/30/2025

 66,667

 -

 1.76

 02/09/2027

 -

 1.76

 04/01/2027

 66,667

 -

 1.76

 07/01/2027

 -

 1.60

 10/31/2027

 -

 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

 -

 1.32

 1/31/2030

 -

 1.32

 7/31/2030

 -

 66,668

 1.32

 1/31/2031

 41,666

 -

 1.03

 01/31/2025

 41,668

 -

 1.03

 06/30/2025

 66,667

 -

 1.76

 02/09/2027

 -

 1.76

 04/01/2027

 66,667

 -

 1.76

 07/01/2027

 -

 1.60

 10/31/2027

 -

 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

 -

 1.32

 1/31/2030

 -

 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

 -

 1.60

 10/31/2027

 -

 1.60

 4/30/2028

 -

 1.60

 1/31/2029

 -

 1.60

 7/31/2029

 -

 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 2024

 None.

 Director Compensation

 The following table sets forth a summary of the
compensation for the fiscal year ended December 31, 2024 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)

 43,823

 -

 102,667

 146,490

 Bryan Murphy (2)

 79,231

 -

 102,667

 181,898

 Michael Skutezky (3)

 24,760

 -

 182,167

 208,963

 (1)

 During the year ended December 31, 2024, the Company incurred $43,823 in director fees for Mr. Wilder's services as a Director. On November 25, 2024, Mr. Wilder 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.

 (2)

 During the year ended December 31, 2024, the Company incurred $79,231
in director fees for Mr. Murphy's services as a Director. On November 25, 2024, Mr. Murphy 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.

 (3)

 Michael Skutezky was elected to the Board of Directors on June 27,
2024. During the year ended December 31, 2024, the Company incurred $24,760 in director fees for Mr. Skutezky's services as a Director.
On July 14, 2024, Mr. Skutezky was granted a non-qualified option to purchase 100,000 of our common shares at an exercise price of $1.47
(CAD $2.00) per share which expires five years from each of the respective vesting dates. These options will vest in two installments:
50,000 on July 31, 2024 and 50,000 on January 31, 2025. On November 25, 2024, Mr. Skutezky 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.

 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 15, 2025 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.

 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:

 George Glasier, CEO

 5,835,868

 (2)

 9.7

 %

 ALPS Advisors, Inc.

 6,871,000

 (3)

 11.6

 %

 MMCAP International Inc. SPC

 5,829,121

 (4)

 9.3

 %

 Global X Management Company LLC

 3,268,064

 (5)

 5.5

 %

 Directors and Named Executive Officers:

 George Glasier, CEO

 5,835,868

 (2)

 9.7

 %

 Robert Klein, CFO

 904,176

 (6)

 1.5

 %

 Michael Rutter, COO

 546,654

 (7)

 0.9

 %

 Andrew Wilder

 869,452

 (8)

 1.4

 %

 Bryan Murphy

 977,006

 (9)

 1.6

 %

 Michael Skutezky

 182,740

 (10)

 0.3

 %

 All executive officers and directors as a group (6 persons)

 9,315,896

 14.6

 %

 (1)

 Based on 59,386,546 common shares outstanding on April 15, 2025 and, with respect to each individual holder, rights to acquire our common shares exercisable within 60 days of April 15, 2025.

 (2)

 Consists of 4,810,869 common shares and 858,333 common shares issuable
upon the exercise of stock options held by Mr. Glasier. Also includes 166,666 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 6,871,000
 common shares. The address for ALPS Advisors, Inc. is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

 (4)

 Consists of 2,702,666
 common shares and 3,126,455 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.

 (5)

 Consists of 3,268,064 common shares. The address for Global X Management Company LLC is 605 3rd Avenue,
43rd Floor, New York, NY 10158

 (6)

 Consists of 45,842 common shares and 858,334 common shares issuable
upon the exercise of stock options held by Mr. Klein.

 (7)

 Consists of 13,321 common shares and 533,333 common shares issuable upon the exercise of stock options held by Mr. Rutter.

 (8)

 Consists of 11,118 common shares and 858,334 common shares issuable upon the exercise of stock options held by Mr. Wilder.

 (9)

 Consists of 56,172 common shares owned directly, 62,500 common shares
beneficially owned indirectly through Magellan Limited, and 858,334 common shares issuable upon the exercise of stock options held by
Mr. Murphy.

 (10)

 Consists of 5,500 common shares owned directly, 3,787 common shares beneficially owned indirectly through Rhodes Capital Corporation, 6,787 common shares issuable upon the exercise of warrants beneficially owned indirectly through Rhodes Capital Corporation, and 166,666 common shares issuable upon the exercise of stock options held Mr. Skutezky.

 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, 2024, a total of 5,723,336 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, 2024, a total of 59,382,696 common shares were outstanding. As of December 31, 2024, the maximum
number of stock options eligible to be issued under the Plan would be 5,938,269, and net of 5,723,336 options outstanding as of December
31, 2024, there remain 214,933 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, 2024

 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

 5,723,336

 $
 1.14

 214,933

 Equity compensation plans not approved by shareholders

 -

 n/a

 -

 Total

 5,723,336

 $
 1.14

 214,933

 ITEM 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 Transactions with Related Persons

 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 $309,138 (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 $309,138 and $340,650 as of December 31, 2024 and 2023, 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, and the independent committee oversaw
the negotiation and approved the entering into the agreement on behalf of the Company. 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.

 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 $106,500
and $71,700 in connection with these arrangements for the years ended December 31, 2024 and 2023, respectively.

 The Company is obligated to pay Mr. Glasier for
reimbursable expenses in the amount of $83,554 and $84,040, included within accounts payable and accrued liabilities, as of December 31,
2024 and 2023, respectively.

the Company purchased equipment from Silver Hawk Ltd. for $9,000 and $25,800, respectively.

 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.

 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, 2024 and December
31, 2023. 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.

 2024

 2023

 Audit fees

 $
 127,354

 $
 98,169

 Audit-related fees

 -

 -

 Tax fees

 15,836

 14,373

 All other fees

 -

 -

 Total fees

 $
 143,190

 $
 112,542

 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, 2024 and 2023.

 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, 2024 and 2023.

 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 2024
and 2023 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.

 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)

 Consolidated Balance Sheets
as of December 31, 2024 and 2023

 Consolidated Statements of
Operations and Other Comprehensive Income (Loss) for the years ended December 31, 2024 and 2023

 Consolidated Statements of
Shareholders' Equity for the years ended December 31, 2024 and 2023

 Consolidated Statements of
Cash Flows for the years ended December 31, 2024 and 2023

 Notes to Consolidated Financial
Statements

 (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*

 The Code of Business Conduct and Ethics

 19.1 *

 Disclosure, confidentiality and Insider Trading Policy

 21.1*

 List of Subsidiaries

 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

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 +

 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

 ITEM 16. FORM 10-K SUMMARY

 None

 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,
 2025

 By:

 /s/ George
 Glasier

Chief Executive Officer and President

 Date: April 15, 2025

 By:

 /s/ 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,
 2025

 By:

 /s/

 Chief Executive Officer, President and Director
 (Principal Executive Officer)

 Dated: April 15, 2025

 By:

 /s/ Robert
 Klein

 Chief Financial Officer (Principal Financial and Accounting Officer)

 Dated: April 15, 2025

 By:

 /s/ Bryan
 Murphy

 Bryan Murphy

 Director

 Dated: April 15, 2025

 By:

 /s/ Andrew
 Wilder

 Andrew Wilder

 Director

 Dated: April 15, 2025

 By:

 /s/ Michael
 Skutezky

 Michael Skutezky

 Director

 Western Uranium & Vanadium Corp. and Subsidiaries

 Index to Consolidated Financial Statements

 Page No.

 Report of Independent Registered Public Accounting Firm (PCAOB ID: 1930)

 Consolidated Balance Sheets as of December 31, 2024 and 2023

 Consolidated Statements of Operations and Other Comprehensive Loss for the Years Ended December 31, 2024 and 2023

 Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2024 and 2023

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023

 Notes to Consolidated Financial Statements

 F- 1

 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, 2024 and 2023, 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, 2024, 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, 2024 and 2023, 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,
2024, 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 continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt
financing in order to fund its operations. These conditions raise substantial doubt about the Company's 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.

 /s/ MNP LLP

 Chartered Professional Accountants

 Licensed Public Accountants

 We have served as the Company's auditor since 2015.

 Mississauga, Canada

 April 15, 2025

 F- 2

 CONSOLIDATED BALANCE SHEETS

 As of December 31,

 2024

 2023

 Assets

 Current assets:

 Cash and cash equivalents

 $
 5,482,631

 $
 9,217,585

 Restricted cash, current portion

 75,075

 Prepaid expenses

 352,058

 382,314

 Marketable securities

 -

 Other current assets

 77,936

 131,255

 Total current assets

 5,987,682

 9,806,614

 Restricted cash, net of current portion

 737,936

 676,369

 Property, plant & equipment and mineral properties, net

 17,702,569

 14,926,289

 Kinetic separation intellectual property

 9,488,051

 9,488,051

 Total assets

 $
 33,916,238

 $
 34,897,323

 Liabilities and Shareholders' Equity

 Liabilities

 Current liabilities:

 Accounts payable and accrued liabilities

 $
 672,041

 $
 761,123

 Asset retirement obligations, current portion

 Total current liabilities

 747,098

 836,180

 Asset retirement obligations, net of current portion

 335,041

 241,562

 Deferred tax liability

 2,708,887

 2,708,887

 Deferred contingent consideration

 309,138

 340,650

 Total liabilities

 4,100,164

 4,127,279

 Commitments and Contingencies (Note 4)

 Shareholders' Equity

 Common shares, no par value, unlimited authorized shares, 59,383,002 and 50,002,395 shares issued as of December 31, 2024 and 2023, respectively, and 59,382,696 and 50,002,089 shares outstanding as of December 31, 2024 and 2023, respectively

 58,979,839

 49,661,910

 Treasury shares, 306 shares held in treasury as of December 31, 2024 and 2023

 -

 -

 Accumulated deficit

 ( 28,929,894
)

 ( 18,817,857
)

 Accumulated other comprehensive loss

 ( 233,871
)

 ( 74,009
)

 Total shareholders' equity

 29,816,074

 30,770,044

 Total liabilities and shareholders' equity

 $
 33,916,238

 $
 34,897,323

 F- 3

 CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

 2024

 2023

 Revenues

 $
 183,803

 $
 431,065

 Expenses

 Mining expenditures

 5,285,140

 2,951,579

 Professional fees

 613,403

 386,473

 General and administrative

 3,599,460

 1,884,456

 Consulting fees

 1,020,577

 304,457

 Total operating expenses

 10,518,580

 5,526,965

 Operating loss

 ( 10,334,777
)

 ( 5,095,900
)

 Interest income, net

 224,738

 158,904

 Other expense, net

 ( 1,998
)

 ( 5,598
)

 ( 10,112,037
)

 ( 4,942,594
)

 Other comprehensive (loss) income

 Foreign currency translation adjustment

 ( 159,862
)

 187,123

 Comprehensive loss

 $
 ( 10,271,899
)

 $
 ( 4,755,471
)

 Net loss per share - basic and diluted

 $
 ( 0.18
)

 $
 ( 0.11
)

 Weighted average shares outstanding - basic and diluted

 55,084,225

 44,073,655

 F- 4

 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

 Accumulated

 Other

 Common Shares

 Treasury Shares

 Accumulated

 Comprehensive

 Shares

 Amount

 Shares

 Amount

 Deficit

 Loss

 Total

 Balance as of January 1, 2023

 43,602,565

 $
 43,394,303

 $
 -

 $
 ( 13,875,263
)

 $
 ( 261,132
)

 $
 29,257,908

 Private placement - December 12, 2023, net of offering costs

 5,215,828

 4,836,867

 -

 -

 -

 -

 4,836,867

 Proceeds from the exercise of warrants

 1,165,450

 1,004,044

 -

 -

 -

 -

 1,004,044

 Cashless exercise of stock options

 18,246

 -

 -

 -

 -

 -

 -

 Stock based compensation - stock options

 -

 426,696

 -

 -

 -

 -

 426,696

 Foreign currency translation adjustment

 -

 -

 -

 -

 -

 187,123

 187,123

 -

 -

 -

 -

 ( 4,942,594
)

 -

 ( 4,942,594
)

 Balance as of December 31, 2023

 50,002,089

 $
 49,661,910

 $
 -

 $
 ( 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
)

 -

 -

 -

 -

 ( 10,112,037
)

 -

 ( 10,112,037
)

 Balance as of December 31, 2024

 59,382,696

 $
 58,979,839

 $
 -

 $
 ( 28,929,894
)

 $
 ( 233,871
)

 $
 29,816,074

 F- 5

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 For the Years Ended December 31,

 2024

 2023

 Cash Flows Used In Operating Activities:

 $
 ( 10,112,037
)

 $
 ( 4,942,594
)

 Reconciliation of net loss to cash used in operating activities:

 Depreciation

 613,610

 262,832

 Loss on the sale of equipment

 1,998

 5,598

 Accretion of asset retirement obligations

 12,971

 12,308

 Stock-based compensation

 1,142,541

 429,429

 Change in marketable securities

 Changes in operating assets and liabilities:

 Prepaid expenses and other current assets

 83,575

 ( 27,376
)

 Accounts payable and accrued liabilities

 ( 89,082
)

 209,508

 Asset retirement obligations

 80,508

 4,035

 Deferred revenue

 -

 ( 43,860
)

 Contingent consideration

 ( 31,512
)

 Net cash used in operating activities

 ( 8,297,043
)

 ( 4,089,495
)

 Cash Flows Used In Investing Activities

 Purchase of property, plant & equipment and mineral properties

 ( 3,395,888
)

 ( 2,404,440
)

 Proceeds from sale of equipment

 4,000

 -

 Net cash used in investing activities

 ( 3,391,888
)

 ( 2,404,440
)

 Cash Flows Provided By Financing Activities

 Proceeds from private placements, net

 3,546,870

 4,836,867

 Proceeds from warrant exercises

 4,605,458

 1,004,044

 Cash received from note receivable

 -

 3,500

 Net cash provided by financing activities

 8,152,328

 5,844,411

 Effect of foreign exchange rate on cash

 ( 136,802
)

 185,015

 Net decrease in cash and cash equivalents and restricted cash

 ( 3,673,405
)

 ( 464,509
)

 Cash and cash equivalents and restricted cash - beginning

 9,969,029

 10,433,538

 Cash and cash equivalents and restricted cash - ending

 $
 6,295,624

 $
 9,969,029

 Cash and cash equivalents

 $
 5,482,631

 $
 9,217,585

 Restricted cash, current portion

 75,075

 Restricted cash, noncurrent

 737,936

 676,369

 Total cash and cash equivalents and restricted cash

 $
 6,295,624

 $
 9,969,029

 Supplemental disclosure of cash flow information:

 Cash paid during the period for:

 Interest

 $
 7,879

 $
 -

 Income taxes

 $
 -

 $
 -

 Noncash transactions:

 Notes received in exchange for equipment sold

 $
 -

 $
 8,000

 F- 6

 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. On the subsequent measurement date June 30, 2024, Western
reconfirmed its qualification as a foreign private issuer.

 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, 2024 and 2023, the Company generated net
losses of $ 10,112,037 and $ 4,942,594, 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, 2024 and
2023, the Company had an accumulated deficit of $ 28,929,894 and $ 18,817,857, respectively, and working capital of $ 5,240,584 and $ 8,970,434,
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. 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 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. On December 12, 2023, the Company closed a non-brokered private placement of 5,215,828 units at a
price of $ 1.02 (CAD $ 1.39) per unit. The aggregate gross proceeds raised in the private placement amounted to $ 5,324,989 (CAD $ 7,250,000)
and proceeds net of issuance costs amounted to $ 4,836,867 (CAD $ 6,588,089). During the year ended December 31, 2023, the Company received
$ 1,004,044 (CAD $ 1,358,565) in proceeds from the exercise of common share warrants to purchase 1,165,450 common shares.

 F- 7

 Note
2 – Liquidity and going concern, CONTINUED

 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.

 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 Corp ("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 United States Securities
and Exchange Commission (the "SEC"), through the completion of a "final" or "bankable" feasibility
study for any of its uranium projects.

 Segment Information

 In accordance with 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 income statement as consolidated net income (loss). The measure of segment assets
is reported on the balance sheet as total consolidated assets.

 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.

 F- 8

 Note 3
– SUMMARY OF Significant Accounting Policies, CONTINUED

 Exploration Stage and Mineral Properties, continued

 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.

 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, 2024 and 2023.

 Marketable Securities

 The Company classifies its marketable securities
as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized
gains and losses reported as accumulated other comprehensive (loss) income, a separate component of shareholders' equity. Realized
gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. During the year ended
December 31, 2024, the Company's sole marketable security was fully impaired and written off.

 F- 9

 Note 3
– SUMMARY OF Significant Accounting Policies, CONTINUED

 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, 2024 and 2023, 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.

 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.

 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. Marketable securities were adjusted to fair value at each balance sheet date based on quoted prices which were considered
level 1 inputs. 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.

 The FASB ASC 820, Fair Value Measurements and
Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the
inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

 F- 10

 Note
3 – SUMMARY OF Significant Accounting Policies, continued

 Fair Values of Financial Instruments, continued

 Fair value is defined as an exit price, representing
the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market
participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing
an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

 Level 1 - Quoted prices in active markets for
identical assets or liabilities.

 Level 2 - Quoted prices for similar assets or
liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs
that are observable, either directly or indirectly.

 Level 3- Significant unobservable inputs that
cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation
by other means.

 The fair value of the Company's financial
instruments are as follows (the Company had no marketable securities as of December 31, 2024):

 Quoted

 Prices in

 Active

 Markets for

 Identical

 Assets or

 Liabilities

 (Level 1)

 Quoted

 Prices for

 Similar

 Assets or

 Liabilities in

 Active

 Markets

 (Level 2)

 Significant

 Unobservable

 Inputs

 (Level 3)

 Marketable securities as of December 31, 2023

 $

 $
 -

 $
 -

 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. 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 prices (considering current and historical prices, trends, and related factors), production
levels, operating costs of production, and capital, restoration and reclamation costs, based upon the projected remaining future uranium
production from each project. 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, 2024, 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. Estimates and assumptions
used to assess recoverability of the Company's long-lived assets and to measure fair value of the Company's uranium properties
are subject to risk uncertainty. 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.

 F- 11

 Note
3 – SUMMARY OF Significant Accounting Policies, continued

 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, 2024 and 2023, 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, 2024 and 2023. 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 2018 through 2023 remain subject to examination.

 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.

 F- 12

 Note
3 – SUMMARY OF Significant Accounting Policies, continued

 Asset Retirement Obligations, continued

 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.

 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, 2024 and 2023 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,

 2024

 2023

 Warrants to purchase common shares

 9,718,345

 10,804,539

 Options to purchase common shares

 5,723,336

 4,917,666

 Total potentially dilutive securities

 15,441,681

 15,722,205

 Recently Adopted Accounting Pronouncements

 In November 2023, the FASB issued Accounting Standards Update ("ASU")
2023-07 – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances the disclosures required
for reportable segments in annual and interim consolidated financial statements. The standard is effective for fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for
the year ended December 31, 2024 retrospectively to all periods presented in the consolidated financial statements. The adoption of this
ASU had no impact on reportable segments identified and had no effect on the Company's consolidated financial position, results
of operations, or cash flows. Additional required disclosure has been included within this Note 3, under subsection Segment Information.

 F- 13

 Note
3 – SUMMARY OF Significant Accounting Policies, continued

 Recent Accounting Standards Not Yet Adopted

 In December 2023, the FASB issued 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. Early adoption is available. The
Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09, but believes it will not have a material
impact on its consolidated financial statements and disclosures.

 In November 2024, the FASB issued ASU 2024-03,
– Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures
(Subtopic
220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03").
This ASU requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement
of operation as well as disclosures about selling 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 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 consolidated financial statements and disclosures.

 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

 2024

 2023

 Mineral properties

 N/A

 $
 11,688,841

 $
 11,688,841

 Mining equipment

 5 years

 3,260,879

 2,345,055

 Vehicles

 5 years

 1,094,297

 549,703

 Plant facilities

 5 - 10 years

 207,490

 -

 Software

 5 years

 9,120

 -

 Construction in progress

 N/A

 36,343

 312,384

 Land

 N/A

 2,334,050

 351,957

 Total property, plant & equipment and mineral properties

 $
 18,631,020

 $
 15,247,940

 Less: accumulated depreciation

 928,451

 321,651

 Property, plant & equipment and mineral properties, net

 $
 17,702,569

 $
 14,926,289

 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, 2024 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, 2024 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.

 F- 14

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

 During the years ended December 31, 2024 and 2023, Western made purchases
of $ 3,395,888 and $ 2,404,440, to increase the Company's mining and processing capacities. During the years ended December 31, 2024
and 2023, depreciation expense was $ 613,610 and $ 262,832, respectively, which was included in mining expenditures on the Company's
consolidated statements of operations and other comprehensive loss.

 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, and the independent
committee oversaw the negotiation and approved the entering into the PRC Agreement on behalf of the Company.

 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

 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.

 On June 23, 2020, the operator elected to extend
the oil and gas lease easement for three additional years through July 2023. This was done to provide additional time in order to complete
well construction and commence oil and gas production. During 2021, the operator completed a first set of eight (8) wells which commenced
oil and gas production by August 2021. During 2022, the operator completed a second set of eight (8) wells which commenced oil and gas
production by August 2022. 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.

the Company recognized aggregate revenue of $ 183,803 and $ 431,065, respectively, under these oil and gas lease arrangements.

 Asset Retirement Obligations

 The Company's mines are subject to certain
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 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.

 During the year ended December 31, 2024, in connection
with the Company's San Rafael Mine and Sunday Mine Complex, the Company incurred additional gross and discounted asset retirement
obligations of $ 412,534 and $ 80,508, respectively. The Company determined the aggregate gross AROs of the mineral properties to be $ 1,163,978
and $ 751,444 as of December 31, 2024 and 2023, respectively. The portion of the asset retirement obligations related to the Van 4 Mine,
which is in reclamation as of December 31, 2024, and its related restricted cash are included in current liabilities and current assets,
respectively, at a value of $ 75,057. During the year ended December 31, 2024, the Company's internal mining operations team has
been performing the Van 4 Mine reclamation work, and the State of Colorado has not yet reduced the associated asset retirement obligation
amount.

 The Company's asset retirement obligations are subject to legal
and regulatory requirements. Estimates of the costs of reclamation are reviewed periodically by the Company and the applicable regulatory
authorities. The asset retirement obligations represent the Company's estimate of the present value of future reclamation costs,
discounted using a credit adjusted risk-free interest rates of 5.4 % for the years ended December 31, 2024 and 2023. The net discounted
aggregated values as of December 31, 2024 and 2023 were $ 410,098 and $ 316,619, respectively. On September 17, 2024 and March 13, 2025,
the Company remitted $ 61,403 and $ 351,131, respectively in connection with the aforementioned 2024 incremental AROs. Financial warranties
to secure AROs as of December 31, 2024 and 2023 were $ 812,993 and $ 751,444, respectively.

 F- 16

 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:

 2024

 2023

 Beginning balance as of January 1

 $
 316,619

 $
 300,276

 Adjustment to asset retirement obligations

 80,508

 4,035

 Accretion

 12,971

 12,308

 Ending balance as of December 31

 $
 410,098

 $
 316,619

 Less: Asset retirement obligations, current portion

 Asset retirement obligations, net of current portion

 $
 335,041

 $
 241,562

 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 the Company's second 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.

 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.

 F- 17

 NOTE
4 – PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY,
CONTINUED

 Kinetic Separation Intellectual Property, continued

 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,

 2024

 2023

 Trade accounts payable

 $
 515,532

 $
 562,831

 Accrued liabilities

 156,509

 198,292

 Total accounts payable and accrued liabilities

 $
 672,041

 $
 761,123

 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, 2024 and 2023, an unlimited number of common shares were authorized for issuance.

 Private Placements

 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.

 On December 12, 2023, the Company closed a non-brokered
private placement of 5,215,828 units at a price of $ 1.02 (CAD $ 1.39) per unit. The aggregate gross proceeds raised in the private placement
amounted to $ 5,324,989 (CAD $ 7,250,000) and proceeds net of issuance costs amounted to $ 4,836,867 (CAD $ 6,588,089). Each unit consisted
of one common share plus one half of one warrant. Each warrant is exercisable into one share at a price of $ 1.38 (CAD $ 1.88) per common
share for a period of four years following the closing date of the private placement. A total of 5,215,828 common shares and warrants
to purchase 2,607,913 common shares were issued to investors in connection with the private placement.

 Warrant Exercises

an aggregate of 5,198,540 and 1,165,450 warrants were exercised for total proceeds of $ 4,605,458 (CAD $ 6,238,248) and $ 1,004,044 (CAD
$ 1,358,565), respectively.

 F- 18

 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, 2024, a total of 59,382,696 common shares were outstanding. As of December 31, 2024, the maximum
number of stock options eligible to be issued under the Plan would be 5,938,269 and net of 5,723,336 options outstanding as of December
31, 2024, there remain 214,933 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.

 Stock Options

 On December 20, 2023, the Board of Directors granted
options under the Plan for the purchase of an aggregate of 1,525,000 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 $ 1.20 (CAD $ 1.60 as
of December 31, 2023) and vest equally in thirds on January 31, 2024, July 31, 2024 and January 31, 2025.

 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.

 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.

 During the year ended December 31, 2023, the Company
issued 18,246 common shares pursuant to the cashless exercise of an option to purchase 50,000 common shares with an exercise
price of $ 0.75 (CAD $ 1.00 as of December 31, 2023).

 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).

 F- 19

 NOTE 6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,
CONTINUED

 Stock Options, continued

 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

 2024

 2023

 Stock Price

 CAD $ 1.29 – $ 2.00

 CAD $ 1.56

 Exercise Price

 CAD $ 1.32 – $ 2.00

 CAD $ 1.60

 Dividend Yield

 %

 %

 Expected Volatility

 75 % - 88
 %

 90.9 % - 96.1
 %

 Weighted Average Risk-Free Interest Rate

 4.31
 %

 4.06
 %

 Expected life (in years)

 2.55 – 3.69

 2.62 – 3.62

 Number of
 Shares

 Weighted
 Average
 Exercise Price

 Weighted
 Average
 Contractual Life
 (Years)

 Intrinsic
 Value

 Outstanding – January 1, 2024

 4,917,666

 $
 1.22

 3.85

 $
 214,875

 Granted

 1,475,000

 0.98

 Forfeited and expired

 ( 502,666
)

 1.50

 Exercised

 ( 166,664
)

 0.79

 Outstanding – December 31, 2024

 5,723,336

 $
 1.14

 3.80

 $
 -

 Exercisable – December 31, 2024

 3,823,328

 $
 1.20

 2.98

 $
 -

 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. The Company's stock-based compensation expense related to stock options for the year ended December
31, 2023 was $ 429,429, of which $ 78,874 and $ 350,555 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, 2024, there was approximately
$ 597,448 of unrecognized share-based compensation for unvested stock options, which is expected to be recognized over a weighted average
period of 0.44 years.

 Warrants

 Number of
 Shares

 Weighted
 Average
 Exercise
 Price

 Weighted
 Average
 Contractual

Life
 (Years)

 Intrinsic
 Value

 Outstanding – January 1, 2024

 10,804,539

 $
 1.30

 1.31

 $
 1,576,511

 Issued

 4,142,906

 1.27

 Exercised

 ( 5,198,540
)

 0.95

 Expired/Forfeited

 ( 30,560
)

 1.06

 Outstanding – December 31, 2024

 9,718,345

 $
 1.52

 2.76

 $
 -

 Exercisable – December 31, 2024

 9,718,345

 $
 1.52

 2.76

 $
 -

 F- 20

 Note
7 – Mining Expenditures

 2024

 2023

 Mining costs

 $
 2,668,625

 $
 1,453,063

 Permits

 125,434

 107,989

 Labor and related benefits

 2,486,443

 1,383,074

 Royalties

 4,638

 7,453

 Total mining expenses

 $
 5,285,140

 $
 2,951,579

 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 year ended December
31, 2024, PRM funded an aggregate of $ 235,210 (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.

 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 $ 309,138 (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 $ 309,138 and $ 340,650 as of December 31, 2024 and 2023, 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 $ 106,500
and $ 71,700 in connection with these arrangements for the years ended December 31, 2024 and 2023, respectively.

 The Company is obligated to pay Mr. Glasier for
reimbursable expenses in the amount of $ 83,554 and $ 84,040, included within accounts payable and accrued liabilities, as of December 31,
2024 and 2023, respectively.

the Company purchased approximately $ 9,000 and $ 25,800 of mining related equipment from Silver Hawk Ltd, respectively.

 See Note 4 – Property, Plant & Equipment
and Mineral Properties, Net and Kinetic Separation Intellectual Property.

 F- 21

 Note
9 – Income Taxes

 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,

 2024

 2023

 Deferred tax assets:

 Net operating loss carryovers

 $
 8,493,862

 $
 6,985,894

 Marketable securities

 -

 13,646

 Amortization capitalized cost

 1,446,396

 925,249

 Stock-based compensation

 778,953

 -

 Unrealized foreign exchange

 106,996

 20,192

 Accretion expense

 12,623

 9,899

 Charitable contributions

 1,784

 -

 Deferred tax assets, gross

 10,840,614

 7,954,880

 Less: valuation allowance

 ( 8,336,707
)

 ( 5,602,952
)

 Deferred tax assets, net

 2,503,907

 2,351,928

 Deferred tax liabilities:

 Property and equipment

 ( 4,777,770
)

 ( 4,758,757
)

 Amortization annual expense

 ( 435,024
)

 ( 302,058
)

 Deferred tax liabilities, net

 $
 ( 2,708,887
)

 $
 ( 2,708,887
)

 The change in the Company's valuation allowance is as follows:

 2024

 2023

 Beginning of year

 $
 5,602,952

 $
 3,688,584

 Increase in valuation allowance

 2,733,755

 1,914,368

 End of year

 $
 8,336,707

 $
 5,602,952

 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 is as follows:

 2024

 2023

 U.S. federal statutory rate

 ( 21.0
)%

 ( 21.0
)%

 State and foreign taxes

 -
 %

 -
 %

 Permanent differences

 Stock-based compensation

 -
 %

 1.9
 %

 Other

 0.1
 %

 -
 %

 True-up to prior years return

 ( 5.7
)%

 ( 24.4
)%

 Valuation allowance

 26.6
 %

 40.3
 %

 Other

 -
 %

 3.2
 %

 Effective income tax rate

 -
 %

 -
 %

 F- 22

 Note
9 – Income Taxes, Continued

 The Company has net operating loss carryovers of approximately $ 26,092,449
for federal and state income tax purposes and net operating loss carryovers of $ 14,354,511 for Canadian provincial tax purposes which
begin to expire in 2026. The ultimate realization of the net operating loss is dependent upon future taxable income, if any, of the Company.

 Based on losses from inception, the Company determined
that as of December 31, 2024 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 $ 8,336,707 and $ 5,602,952 was required as of December 31, 2024 and 2023, 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, 2024 and 2023. 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.

 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 Company's financial instruments
also incorporate marketable securities that are adjusted to fair value at each balance sheet date based on quoted prices which are considered
level 1 inputs. 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. There were no transfers of financial instruments between Levels 1, 2, and 3 during the years ended December 31,
2024 and 2023.

 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- 23

 NOTE
10 – FINANCIAL INSTRUMENTS, CONTINUED

 Concentration of Credit Risk

 Concentration of credit risk is the risk of loss
in the event that certain counterparties are unable to fulfil their obligations to the Company. 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, 2024, the
Company had working capital of $ 5,240,584 and cash and cash equivalents of $ 5,482,631.

 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 event

 Ore Purchase Agreement

 On April 8, 2025, PRM entered into an Ore Purchase
Agreement (the "Ore Purchase Agreement") with subsidiaries of Energy Fuels Inc. ("Purchaser"). The Ore Purchase
Agreement is for a one year period and provides for the delivery of up to 25,000 short tons of uranium bearing ore to the White Mesa Mill
in Blanding, Utah. PRM shall make deliveries at its own cost and the purchase price per ton will be based upon the average grade of uranium
of each lot, and other qualifying conditions. Within 30 days after each lot is closed, Purchaser shall pay to PRM an 85 % provisional payment
calculated based upon the sampled grade and an agreed upon pricing schedule. Within 30 days after each lot is fed to processing, the Purchaser
shall pay to PRM a final settlement payment calculated based upon the assayed grade and the agreed upon pricing schedule, net of a royalty,
pursuant to a previously existing royalty agreement with the Purchaser.

 Unlimited Unlimited 0001621906 false FY

 2024-06-30

 2025-04-14

 us-gaap: TreasuryStockCommonMember

 us-gaap: TreasuryStockCommonMember

 us-gaap: TreasuryStockCommonMember

 wstrf: PinonRidgeMiningLLCMember

 2014-11-20

 us-gaap: PrivatePlacementMember

 us-gaap: PrivatePlacementMember

 us-gaap: PrivatePlacementMember

 wstrf: GrossProceedsMember

 us-gaap: FairValueInputsLevel1Member

 us-gaap: FairValueInputsLevel1Member

 us-gaap: FairValueInputsLevel2Member

 us-gaap: FairValueInputsLevel3Member

 wstrf: OptionsToPurchaseCommonShareMember

 wstrf: OptionsToPurchaseCommonShareMember

 us-gaap: MiningPropertiesAndMineralRightsMember

 us-gaap: MiningPropertiesAndMineralRightsMember

 wstrf: MustangMineralMillSiteMember

 2024-10-01

 wstrf: MustangMineralMillSiteMember

 wstrf: SanRafaelMineMember

 2024-09-17
 2024-09-17

 wstrf: SundayMineComplexMember
 us-gaap: SubsequentEventMember

 2025-03-13
 2025-03-13

 2024-09-30

 wstrf: MineralPropertiesMember

 wstrf: MineralPropertiesMember

 wstrf: MiningEquipmentMember

 wstrf: MiningEquipmentMember

 wstrf: MiningEquipmentMember

 us-gaap: VehiclesMember

 us-gaap: VehiclesMember

 us-gaap: VehiclesMember

 srt: MinimumMember
 wstrf: PlantFacilitiesMember

 srt: MaximumMember
 wstrf: PlantFacilitiesMember

 wstrf: PlantFacilitiesMember

 wstrf: PlantFacilitiesMember

 wstrf: SoftwareMember

 wstrf: SoftwareMember

 wstrf: SoftwareMember

 us-gaap: ConstructionInProgressMember

 us-gaap: ConstructionInProgressMember

 us-gaap: LandMember

 us-gaap: LandMember

 wstrf: CashPaidToSellerMember

 wstrf: GeorgeAndKathyGlasierMember

 wstrf: AndrewWilderMember

 wstrf: CashPaidToRetireThePrincipalAndInterestMember

 us-gaap: CashMember

 us-gaap: LandMember

 wstrf: AccruedExpensesMember

 wstrf: NetProceedsMember

 wstrf: NonbrokeredPrivatePlacementMember

 wstrf: NonbrokeredPrivatePlacementMember

 us-gaap: PrivatePlacementMember

 2024-11-28

 2024-11-28

 2025-02-27
 2025-02-27

 2024-11-28
 2024-11-28

 us-gaap: SubsequentEventMember

 2025-02-27
 2025-02-27

 wstrf: IncentiveStockOptionPlanMember

 wstrf: IncentiveStockOptionPlanMember

 2023-12-20
 2023-12-20

 2024-07-14
 2024-07-14

 2024-11-24
 2024-11-24

 wstrf: MiningExpendituresMember

 us-gaap: GeneralAndAdministrativeExpenseMember

 wstrf: MiningExpendituresMember

 us-gaap: GeneralAndAdministrativeExpenseMember

 wstrf: UnvestedStockOptionMember

 srt: MinimumMember

 srt: MaximumMember

 srt: MinimumMember

 srt: MaximumMember

 srt: MinimumMember

 srt: MaximumMember

 wstrf: JointVentureMember

 2024-02-01
 2024-02-28

 wstrf: JointVentureMember

 2024-02-28

 wstrf: JointVentureMember

 wstrf: BlackRangeCommonStockMember

 wstrf: MrGlasierMember

 wstrf: SilverHawkLtdMember

 wstrf: SilverHawkLtdMember

 wstrf: MrGlasierMember

 wstrf: FederalAndStateIncomeTaxMember

 wstrf: CanadianProvincialTaxMember

 wstrf: WhiteMesaMillInBlandingMember
 us-gaap: SubsequentEventMember

 2025-04-08
 2025-04-08

 us-gaap: SubsequentEventMember

 2025-04-08

 utr:acre

 utr: T