Western Uranium & Vanadium Closes Brokered LIFE Financing of $5.9 Million

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Toronto, Ontario and Nucla, Colorado, Oct. 14, 2025 (GLOBE NEWSWIRE) --  Western Uranium & Vanadium Corp. (CSE: WUC) (“Western” or the ”Company”) is pleased to announce the closing of its bought deal private placement financing, which was previously announced in the Company’s news releases issued on October 8, 2025 and October 9, 2025. Pursuant to the financing, Western issued a total of 6,555,556 units at a price of Cdn$0.90 per unit (each, a “Unit”) for aggregate gross proceeds of approximately Cdn$5,900,000 (the “Offering”) with each Unit being comprised of one common share (each, a “Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable for one Share at a price of Cdn$1.20 per share, for a period of four years and a half from the date of issuance.

As described in greater detail in the Amended Offering Document, the net proceeds of the Offering will be used as follows:  (a) permitting of Mustang Mineral Processing Plant; (b) drilling, monitoring and permitting for the San Rafael Uranium Project; (c) mine development and maintenance across the production portfolio; (c) permitting and baseline data collection for Topaz Mine; and (e) general corporate working capital purposes, including general and administrative costs.

The Units under the Offering were offered to purchasers pursuant to the listed issuer financing exemption (“LIFE”) under Part 5A of National Instrument 45-106– Prospectus Exemptions, as amended by the Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all the provinces of Canada, except Québec, and in certain other jurisdictions pursuant to applicable securities laws. Pursuant to the LIFE exemption, the Shares and Warrants are not subject to any statutory hold period under applicable Canadian securities laws. There is  an offering document (as amended and restated) related to the Offering that can be accessed under the Company's profile at www.sedarplus.com, and on the Company's website at www.western-uranium.com.