Western Uranium & Vanadium to Acquire Uranium Claims

Executive Summary

• Western Uranium & Vanadium Corp. entered into a definitive agreement to acquire unpatented mineral lode claims covering ~240 acres in Montrose County, Colorado for US$250,000, giving the company a 50% ownership interest in the drilled‑out deposit.
• The transaction is expected to close in October 2025 pending due diligence; the property is within <10 miles of the planned Mustang Mineral Processing Plant, enhancing logistical value.
• Western has also staked an additional 500 acres of surrounding claims, expanding its exploration footprint and potential resource base.

Key Details

• Purchase Price: US$250,000 for the Claims.
• Ownership Structure Post‑Acquisition: 50% interest in the deposit for Western; remaining 50% held by original partner (potential related‑party transaction).
• Closing Timeline: Anticipated October 2025, subject to satisfactory due diligence.
• Location & Logistics: Property sits on BLM land in Montrose County, Colorado; haul distance <10 miles to the proposed Mustang Mineral Processing Plant site.
• Historical Context: Claims originally part of a 1996 acquisition by two private partners; one partner’s interest was previously acquired by CEO George Glasier from an estate in 2013.
• Future Related‑Party Transaction: The remaining original partner has indicated willingness to sell his interest to Western on “appropriate terms,” which would be treated as a related‑party transaction under MI 61‑101.
• Exploration Expansion: Additional 500 acres of mining claims staked around the Property, offering significant exploration potential.
• Technical Report Note: An older (1980) Thamm ore reserve calculation exists but is not current or public and will not be relied upon for disclosure.

Notable Quotes

• “This acquisition is strategically valuable due to its proximity to our planned processing plant and the historic drill grades that exceed regional production averages, underscoring the potential for higher‑margin resources.” – George Glasier, President & CEO

All forward‑looking statements are subject to risks and uncertainties; see the company’s most recent MD&A and filings for details.