Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) ('Western' or 'Company') is providing the following shareholder updates:

Mining Operations - Sunday Mine

Complex Western's transition from employing a mining contractor to building an in-house mining operation has nowbeen completed. Since this transition began in spring 2022, ten (10) employees have been added to support mining operations and mining equipment and vehicles have been acquired to support deployment of two (2) fully equipped mining teams. All site infrastructure upgrades have been finished. The mines have beenreopened and are currently being ventilated. Mining operations are now targeted to restart in early February2023 and will initially involve additional development of the GMG Ore Body, stockpiling of high-grade ore andunderground drilling/exploration to define additional production zones.

Oil and Gas Royalty Update

The first set of Weld County oil and gas wells commenced production in August 2021 and the operator issuedtwelve royalty checks during 2022 for a total royalty amount of $582,000. Due to the success of these first eight (8) wells, a second set of eight (8) wells were developed during 2022. Each of the new wells sold their first production in August 2022. The January 2023 royalty check will include the first royalty payments fromthe new wells and thus include royalty distributions on all sixteen (16) oil and gas wells within Western's royalty area.

Vancouver Resource Investment Conference 2023: January 29-30th in Vancouver, British Colombia, Canada Mines and Money Miami: February 23-24rd in Miami, Florida, USA PDAC 2023: March 5- 8 th in Toronto, Ontario, Canada

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado-based uranium and vanadium conventional miningcompany focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation

Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news releaseconstitutes 'forward-looking information' or a 'forward-looking statements' within the meaning of applicable securities laws (collectively, 'forward-looking statements'). Statements of that nature include statements relating to, or that aredependent upon: the Company's expectations, estimates, assumptions and projections regarding exploration andproduction plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit plannedactivities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com, for a moredetailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forwardlooking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to theextent required under applicable laws and regulations

Contact:

George Glasier

President and CEO

T: 970-864-2125

E: gglasier@western-uranium.com

Robert Klein

Chief Financial Officer

T: 908-872-7686

E: rklein@western-uranium.com

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