Western Uranium & Vanadium : CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020(Stated in USD)

WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(Stated in USD)

WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
Page(s)
Report of Independent Registered Public Accounting Firm	1
Consolidated Balance Sheets as of December 31, 2021 and 2020	2
Consolidated Statements of Operations and Other Comprehensive Loss for the Years	3
Ended December 31, 2021 and 2020
Consolidated Statement of Changes in Shareholders' Equity for the Years Ended	4
December 31, 2021 and 2020
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and	5
2020
Notes to Consolidated Financial Statements	6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Western Uranium & Vanadium Corp.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Western Uranium & Vanadium Corp. (the "Company") as of December 31, 2021 and 2020, and the related consolidated statements of operations and other comprehensive loss, changes in shareholders' equity and cash flows for the years then ended, and the related notes (collectively referred to as the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2021 and 2020, and the results of its consolidated operations and its consolidated cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Material Uncertainty Related to Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has incurred continuing losses and negative cash flows from operations and is dependent upon future sources of equity or debt financing in order to fund its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company's auditor since 2015.

Mississauga, Canada

April 15, 2022

WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Stated in USD)

Assets Current assets:

Cash

Restricted cash, current portion Prepaid uranium concentrate inventory Prepaid expenses

Marketable securities Other current assets

Total current assets

Restricted cash, net of current portion Mineral properties and equipment, net Kinetic separation intellectual property

Total assets

Liabilities and Shareholders' Equity

Liabilities

Current liabilities:

Accounts payable and accrued liabilities Reclamation liability, current portion Subscription payable

Deferred revenue, current portion

Total current liabilities

Reclamation liability, net of current portion Deferred tax liability

Deferred contingent consideration Deferred revenue, net of current portion

Total liabilities

Commitments and Contingencies (Note 7)

Shareholders' Equity

Common shares, no par value, unlimited authorized shares, 39,073,428 and 30,084,053 shares issued as of December 31, 2021 and 2020 an d 39,073,122 and 30,083,747 shares outstanding as of December 31, 2021 and 2020, respectively

Treasury shares, 306 shares held in treasury as of December 31, 2021 and 2020 Accumulated deficit

Accumulated other comprehensive income (loss)

Total shareholders' equity

Total liabilities and shareholders' equity

As of December 31,2021

2020

$

880,821 $ 565,250

75,057 75,057

4,085,723

153,701 136,883

2,120 2,405

264,039 11,251

-

5,461,461 790,846

665,389 831,754 11,780,142 11,735,522 9,488,051 9,488,051

$

27,395,043 $ 22,846,173

$

699,593 $ 488,794

75,057 75,057

146,177

48,465 64,620

-

969,292 628,471

196,563 234,883

2,708,887

2,708,887

362,794 392,086

60,015 108,480

4,297,551 4,072,807

36,195,510 29,886,367

-

(13,161,496)

63,478

-

(11,087,459)

(25,542)

$

23,097,492 18,773,366 27,395,043 $ 22,846,173

Approval on behalf of the Board: /s/ George E. Glasier

Director

/s/ Andrew Wilder Director

The accompanying notes are an integral part of these consolidated financial statements.

2

WESTERN URANIUM & VANADIUM CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Years Ended December 31,2021

2020

Revenues

Lease and royalty revenue

Expenses

Mining expenditures

Professional fees

General and administrative

Consulting fees

Total operating expenses

$

272,142 $ 54,620

717,657 393,182

365,302 299,908

1,172,585 29,543 2,285,087

1,136,049 39,137 1,868,276

Operating loss

(2,012,945)

(1,813,656)

Accretion and interest

Settlement expense

Warrant modification expense

Gain on forgiveness of debt

(16,960)

78,052 - -

13,338 - 639,012 (73,116)

Net lossOther comprehensive income (expense)

Foreign exchange gain (loss)

(2,074,037)

89,020

(2,392,890)

(110,860)

Comprehensive loss

• $ (1,985,017)

• $ (2,503,750)

Net loss per share - basic and diluted

$

(0.06)

$

(0.08)

Weighted average shares outstanding, basic and diluted

36,838,441

The accompanying notes are an integral part of these consolidated financial statements.

3

30,083,747