Recent SEC filings detail Western's operational progress, financial results for 2025, capital raising activities, and strategic initiatives including mining operations and processing plant development.

• Western reported 2025 revenues of $425,448 and a net loss of $7,175,923, with operating expenses totaling $7,711,372, reflecting ongoing development and mining activities [S1].
• The company restarted mining operations at the Sunday Mine Complex in April 2023, focusing on underground development and ore stockpiling for future processing [S1].
• Western executed multiple private placements in 2024 and 2025, raising several million dollars to fund mining operations and processing plant construction [S1].
• The company delivered approximately 1,600 tons of uranium-bearing ore to the White Mesa Mill under an Ore Purchase Agreement in 2025, recognizing $297,285 in revenue [S1].
• Western is advancing the design and permitting of its own mineral processing facilities incorporating Kinetic Separation technology, aiming to reduce production costs [S1].
• Liquidity remains strong with cash and cash equivalents of $5.6 million and a current ratio of 8.06 as of December 31, 2025 [S1].
• The company granted stock options to officers and employees in January 2026 as part of its compensation program [S1].

Western's proprietary Kinetic Separation technology offers a significant cost advantage by reducing ore mass and processing costs, potentially improving margins. The company's fully permitted Sunday Mine Complex and existing infrastructure enable rapid operational scale-up. Capital raised through private placements supports development of processing facilities and mining operations. The strategic acquisition of nearby mineral claims aims to reduce haulage costs and improve processing efficiencies. These factors position Western to capitalize on favorable uranium and vanadium market conditions and supply chain realignments.

Western faces risks including continued net losses and dependence on capital raising to fund operations and development. The company has not yet established mineral reserves under SEC standards, indicating exploration-stage status. Market prices for uranium and vanadium are volatile and may impact future cash flows. Competition from larger, better-capitalized producers and secondary supplies may pressure market share and pricing. Regulatory approvals and permitting for processing facilities and mining expansions present execution risks. Liquidity and foreign currency risks also pose challenges to financial stability.

Western Uranium & Vanadium Corp.'s competitive advantages include its ownership of fully permitted mining properties with existing infrastructure allowing rapid scale-up of production, and its exclusive 25-year license to Kinetic Separation technology, which reduces production costs and operational complexity. The company's strategy to build its own processing plant incorporating this technology aims to lower costs and increase margins. Its in-house mining capability and proximity of mineral claims to processing facilities further enhance operational efficiency. However, the company faces competition from larger, better-capitalized producers and secondary uranium supplies, and must navigate regulatory and market risks inherent in the uranium and vanadium sectors.

• Market Price Volatility: Fluctuations in uranium and vanadium prices can materially impact the company's cash flows, profitability, and ability to finance operations.
• Capital Raising Dependence: Western relies on equity and debt financing to fund mining operations, development of processing facilities, and regulatory compliance, which may be uncertain.
• Regulatory and Permitting Risks: Obtaining and maintaining permits for mining and processing operations involves regulatory approvals that may delay or restrict activities.
• Exploration and Development Risk: The company is classified as an exploration stage issuer without established mineral reserves, indicating uncertainty in resource development.
• Competition: Western competes with larger, better-capitalized producers and secondary uranium supplies, which may affect market access and pricing.
• Liquidity and Foreign Currency Risk: The company is exposed to liquidity risk and foreign currency fluctuations due to its Canadian headquarters and US operations.

• Western Uranium & Vanadium Corp. is a Canadian domestic issuer headquartered in Toronto, Canada, with mining operations in Utah and Colorado, USA.
• The company is engaged in the acquisition, exploration, development, mining, and production of uranium and vanadium resource properties in the western United States.
• Western owns the Sunday Mine Complex in Colorado, consisting of five individual mines, all fully permitted and operational with infrastructure including underground haulage and ventilation.
• The company holds a 25-year exclusive license for Kinetic Separation technology, a physical process that separates uranium and vanadium mineralization from waste without chemicals, reducing mass and costs.
• Kinetic Separation is expected to reduce production costs by 44-53% and improve operational efficiency by reducing ore quantities processed at the mill stage.
• Western is constructing its own mineral processing facilities incorporating Kinetic Separation, with facility design and permitting underway in Utah and Colorado.
• The company transitioned from outsourced mining contractors to an in-house mining team, acquiring equipment and personnel to support mining operations at the Sunday Mine Complex.
• Mining operations restarted in April 2023 and have focused on development and stockpiling ore underground to supply future processing facilities.
• Western has entered into an Ore Purchase Agreement with subsidiaries of Energy Fuels Inc. to deliver uranium-bearing ore to the White Mesa Mill, recognizing $297,285 in revenue from ore sales in 2025.
• The company reported revenues of $425,448 and a net loss of $7,175,923 for the year ended December 31, 2025, with operating expenses of $7,711,372.
• As of December 31, 2025, Western had cash and cash equivalents of $5,620,630 and a current ratio of 8.06, indicating strong liquidity.
• The company completed multiple private placements in 2024 and 2025, raising several million dollars to fund operations and development.
• Western is classified as an exploration stage issuer under SEC S-K 1300, having not yet established mineral reserves for reporting purposes.
• The company plans to build a processing plant with a Kinetic Separation machine capable of processing forty tons per hour at an estimated cost of $1 million.
• Western's common shares are listed on the Canadian Securities Exchange under the symbol 'WUC' and traded in the US OTCQX market under 'WSTRF'.
• The company faces competition from larger, better-capitalized uranium and vanadium producers, including government-controlled entities and secondary uranium supplies.
• Western's mining properties can scale up production on short notice, providing a competitive advantage in responding to market conditions.
• The company is exposed to market risks related to uranium and vanadium prices, foreign currency fluctuations, and liquidity risks dependent on capital raising.
• Western has asset retirement obligations related to reclamation of mining properties, with ongoing reclamation activities at the Van 4 Mine.
• The company is an emerging growth company under the JOBS Act and has elected to comply with non-emerging growth company accounting standards.
• Western has acquired additional mineral claims near its planned Mustang mineral processing plant to reduce haulage costs and improve processing efficiencies.