Western Uranium & Vanadium Corp. Reports Fiscal Year-End Results and MD&A for the Year Ended December 31, 2023

Financial Overview

During the year ended December 31, 2023, the Company earned interest income on its cash balances of $69,285 (2022: $61,515). During the year ended December 31, 2023, the Company recognized revenue of $431,065 (2022: $635,363) from oil and gas royalty payments received pursuant to its royalty interests in certain mineral properties located in Weld County, Colorado. The Company has not earned any further revenues from the recovery of vanadium and uranium from inventory on the Company's balance sheet, as the Company has not yet commenced processing of any material. During the years ended December 31, 2023 and 2022, the Company recognized interest expense of $70,103 (2022: $60,702) and $144,142 (2021: $137,879), respectively, related to the loan made to a private company to acquire mining assets located in Colorado and Utah. In December 2023, the Company issued 5,215,828 units at a price of CAD $1.39 per unit as part of a non-brokered private placement, resulting in aggregate gross proceeds of CAD $7,250,000 (USD $4,836,867).

Strategic Imperatives

During the year ended December 31, 2023, the Company received a visit at its Sunday Mine Complex by a delegation from the U.S. Department of Energy's Oak Ridge National Laboratory. The ORNL is considered among the world's premier scientific research institutions and is charged with solving problems and creating solutions at the intersection of energy, critical infrastructure, national security, and the nuclear fuel cycle. During the fourth quarter of 2023, the Company reached an agreement in principle with a private company to acquire certain mineral interests in Colorado and Utah. The purchase agreement has not yet been finalized as the parties are currently negotiating certain deal terms. The acquisition, if completed, is expected to be financed through a combination of cash, debt, and equity.

Operational Results

During the years ended December 31, 2023 and 2022, the Company recognized compensation expense of $601,425 and $1,212,614, respectively, related to the issuance of stock options and restricted share units. During the years ended December 31, 2023 and 2022, the Company recognized depletion expense of $249,862 and $732,22, respectively, related to the amortization of the depletion allowance on the Company's mineral properties. During the years ended December 31, 2023 and 2022, the Company recognized exploration expenses of $2,347,584 and $2, Carthage Midwest LLC drilled two stratigraphic test wells on the property during the fourth quarter of 2021. The wells were plugged and abandoned during the second quarter of 2022.

Going Concern

The Company has incurred losses from operations and as of December 31, 2023, the Company had an accumulated deficit of $18,792,972 and a working capital deficiency of $8,423,708. 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 and to initiate the processing of ore 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 and required debt service. 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 the accompanying financial statements. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

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