Western Uranium & Vanadium Corp. Prevails in Permit Hearing

Western Uranium & Vanadium Corp. Prevails in Permit Hearing

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Mined Land Reclamation Board Permit Hearing

The Company prevailed in the mining permit hearing held before the state of Colorado’s Mined Land Reclamation Board (MLRB).  At issue was the status of the five existing permits which comprise the Sunday Mine Complex (SMC). Due to COVID restrictions, the hearing took place utilizing a virtual-only format on Wednesday July 22, 2020 and the proceedings were recorded and are available for viewing on the Division of Natural Resources MLRB YouTube channel. While the matters were complex, the 3 to 1 decision acknowledged that the work completed at the Sunday Mines under Division of Reclamation, Mining and Safety (DRMS) oversight was timely and sufficient for Western to maintain the SMC permits.

Western would like to thank its shareholders for being supportive and patient while waiting for this hearing to take place. We would also like to thank the MLRB for recognizing in its decision the exploration, development, and mining efforts made by Western, including the rigorously constructed state-of-art ore pads providing 21st century environmental protection.

2020 Hard Rock Rulemaking

During the hearing, the introduction of alternative definitions of “production” within the context of temporary cessation resulted in multiple calls from the hearing participants for a continuation of the 2020 Hard Rock Rulemaking (Rulemaking). The MLRB provided the further guidance to DRMS in moving forward with rulemaking that they would like more information, data, and concrete inputs. The Rulemaking process began with a scoping meeting in January and a comment period ending in March. However due to COVID delays, the process was suspended until September. The stated Rulemaking goals were defining production and defining when temporary cessation is appropriately applied, and how it does or does not tie to development, production, and other defined mining activities in relation to temporary cessation. Western is of the opinion that completion of the Rulemaking process will produce a set of rules and definitions which would be beneficial going forward. The Company will continue to fully engage and offer its assistance in this ongoing process so industry, regulators, and citizens can share a clear and common understanding.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company 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 release constitutes “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 are dependent upon: the Company’s expectations, estimates and projections regarding exploration and production 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 planned activities; 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 more detailed review of those risk factors.  Readers are cautioned not to place undue reliance on the Company’s forward-looking 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 the extent required under applicable laws and regulations.

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