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Western Uranium & Vanadium Corp. – ‘10-K’ for 12/31/22 – ‘EX-19.1’

On:  Monday, 4/17/23, at 5:30pm ET   ·   For:  12/31/22   ·   Accession #:  1213900-23-30341   ·   File #:  0-55626

Previous ‘10-K’:  ‘10-K’ on 4/15/22 for 12/31/21   ·   Next & Latest:  ‘10-K’ on 4/16/24 for 12/31/23   ·   9 References:   By:  Western Uranium & Vanadium Corp. – Next & Latest ‘10-K’ on 4/16/24 for 12/31/23 To:  Western Uranium & Vanadium Corp. – Previous ‘10-K’ on 4/15/22 for 12/31/21 To:  Western Uranium & Vanadium Corp. – ‘10-Q’ on 11/16/20 for 9/30/20 To:  Western Uranium & Vanadium Corp. – ‘10-Q’ on 8/14/19 for 6/30/19 To:  Western Uranium & Vanadium Corp. – ‘10-K’ on 4/2/18 for 12/31/17 To:  Western Uranium & Vanadium Corp. – ‘10-Q’ on 5/15/17 for 3/31/17 To:  Western Uranium & Vanadium Corp. – ‘10-12G/A’ on 7/22/16 To:  Western Uranium & Vanadium Corp. – ‘10-12G/A’ on 6/22/16 To:  Western Uranium & Vanadium Corp. – ‘10-12G’ on 4/29/16 

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/17/23  Western Uranium & Vanadium Corp.  10-K       12/31/22   65:5.8M                                   EdgarAgents LLC/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.11M 
 2: EX-19.1     Disclosure, Confidentiality and Insider Trading     HTML    161K 
                Policy                                                           
 3: EX-21.1     List of Subsidiaries                                HTML     21K 
 7: EX-95       Mine Safety Disclosure Exhibit                      HTML     32K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     24K 
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 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     21K 
13: R1          Document And Entity Information                     HTML     86K 
14: R2          Consolidated Balance Sheets                         HTML    125K 
15: R3          Consolidated Balance Sheets (Parentheticals)        HTML     31K 
16: R4          Consolidated Statements of Operations and Other     HTML     90K 
                Comprehensive Loss                                               
17: R5          Consolidated Statements of Operations and Other     HTML     29K 
                Comprehensive Loss (Parentheticals)                              
18: R6          Consolidated Statements of Changes in               HTML     71K 
                Shareholders' Equity                                             
19: R7          Consolidated Statements of Cash Flows               HTML    102K 
20: R8          Business                                            HTML     25K 
21: R9          Liquidity and Going Concern                         HTML     26K 
22: R10         Summary of Significant Accounting Policies          HTML     73K 
23: R11         Mineral Assets Equipment, Kinetic Separation        HTML     45K 
                Intellectual Property, and Other Property                        
24: R12         Accounts Payable and Accrued Liabilities            HTML     26K 
25: R13         Commitments and Contingencies                       HTML     25K 
26: R14         Share Capital and Other Equity Instruments          HTML     56K 
27: R15         Mining Expenditures                                 HTML     24K 
28: R16         Related Party Transactions and Balances             HTML     26K 
29: R17         Income Taxes                                        HTML     52K 
30: R18         Financial Instruments                               HTML     28K 
31: R19         Covid-19                                            HTML     23K 
32: R20         Accounting Policies, by Policy (Policies)           HTML    116K 
33: R21         Summary of Significant Accounting Policies          HTML     42K 
                (Tables)                                                         
34: R22         Mineral Assets Equipment, Kinetic Separation        HTML     28K 
                Intellectual Property, and Other Property (Tables)               
35: R23         Accounts Payable and Accrued Liabilities (Tables)   HTML     25K 
36: R24         Share Capital and Other Equity Instruments          HTML     46K 
                (Tables)                                                         
37: R25         Mining Expenditures (Tables)                        HTML     24K 
38: R26         Income Taxes (Tables)                               HTML     50K 
39: R27         Business (Details)                                  HTML     23K 
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41: R29         Summary of Significant Accounting Policies          HTML     22K 
                (Details)                                                        
42: R30         Summary of Significant Accounting Policies          HTML     30K 
                (Details) - Schedule of changes in estimate useful               
                lives                                                            
43: R31         Summary of Significant Accounting Policies          HTML     28K 
                (Details) - Schedule of fair values of financial                 
                instruments                                                      
44: R32         Summary of Significant Accounting Policies          HTML     28K 
                (Details) - Schedule of computations of net income               
                (loss) per share                                                 
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                Intellectual Property, and Other Property                        
                (Details)                                                        
46: R34         Mineral Assets Equipment, Kinetic Separation        HTML     24K 
                Intellectual Property, and Other Property                        
                (Details) - Schedule of mineral properties and                   
                equipment and kinetic separation intellectual                    
                property                                                         
47: R35         Mineral Assets Equipment, Kinetic Separation        HTML     26K 
                Intellectual Property, and Other Property                        
                (Details) - Schedule of reclamation liability                    
                activity                                                         
48: R36         Accounts Payable and Accrued Liabilities (Details)  HTML     27K 
                - Schedule of accounts payable and accrued                       
                liabilities                                                      
49: R37         Commitments and Contingencies (Details)             HTML     35K 
50: R38         Share Capital and Other Equity Instruments          HTML     81K 
                (Details)                                                        
51: R39         Share Capital and Other Equity Instruments          HTML     38K 
                (Details) - Schedule of black-scholes option                     
                pricing model                                                    
52: R40         Share Capital and Other Equity Instruments          HTML     71K 
                (Details) - Schedule of stock options                            
53: R41         Share Capital and Other Equity Instruments          HTML     67K 
                (Details) - Schedule of warrants                                 
54: R42         Mining Expenditures (Details) - Schedule of mining  HTML     26K 
                expenditures                                                     
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56: R44         Income Taxes (Details)                              HTML     30K 
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                assets and deferred tax liabilities                              
58: R46         Income Taxes (Details) - Schedule of company?s      HTML     24K 
                valuation allowance                                              
59: R47         Income Taxes (Details) - Schedule of federal        HTML     39K 
                income tax rate                                                  
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Exhibit 19.1

WESTERN URANIUM & VANADIUM CORP.
DISCLOSURE, CONFIDENTIALITY AND INSIDER TRADING POLICY

1.1 The purpose of this disclosure, confidentiality and insider trading & policy (the “Policy”) of Western Uranium & Vanadium Corp. (the “Company”) is to set forth certain policies to ensure that:

(a) the Company complies with its timely disclosure obligations as required under applicable Canadian securities laws, including the Securities Act (Ontario) (the “Securities Act”)’ and if applicable in the United States of America;

(b) the Company prevents the selective disclosure of material changes (as defined herein) to analysts, institutional investors, market professionals and others;

(c) documents released by the Company or public oral statements made by a person with actual, implied or apparent authority to speak on behalf of the Company that relates to the business and affairs of the Company do not contain a misrepresentation (as defined herein);

(d) all persons to whom this Policy applies understand their obligations to preserve the confidentiality of Undisclosed Material Information (as defined herein);

(e) all appropriate parties who have Undisclosed Material Information are prohibited from trading in securities of the Company on such Undisclosed Material Information and Tipping (as defined herein) under applicable laws, stock exchange rules and this Policy; and

(f) the Chief Executive Officer and the Chief Financial Officer receive reports prior to such officers executing their certifications related to the Company’s Core Documents (as defined herein) setting out the evaluation, findings and conclusions of the Board (as defined herein) regarding the effectiveness of the Company’s disclosure controls and procedures (as defined herein) and the Board’s assessment of the quality of the disclosure made in the Core Documents.

2.1 This Policy will be administered and implemented by the Board of Directors.

2.2 The main groups of persons to whom this Policy apply are set forth in Schedule “A” attached hereto. Each section of the Policy that imposes restrictions and obligations will describe which groups of persons are subject to that section. References in this Policy to “any person to whom this Policy applies” or similar references are intended to include persons in all of the groups set forth in Schedule “A”.

3.1 Unless otherwise authorized by the Board, and subject to the prior approval of the Chief Executive Officer only the members of the Board are authorized to make public oral statements, initiate contacts with analysts, the media and investors.

3.2 Any person to whom this Policy applies who is approached by the media, an analyst, investor or any other member of the public to comment on the business and affairs of the Company, must refer all inquiries to the Chief Executive Officer and must immediately notify the Chief Executive Officer that the approach was made. In the event that a Director, Officer, Employee or Contractor is contacted by the media the Media Protocol attached as Schedule ‘D’ must be followed.

4.1 The procedures in this section apply to all Directors, Officers, Employees and Contractors.

4.2 A “Document” means any public written communication, including a communication prepared and transmitted in electronic form:

(a) that is required to be filed with the Ontario Securities Commission (the “OSC”) or any other securities regulatory authority in Canada, either on the System for Electronic Document Analysis and Retrieval (“SEDAR”) web site at www.sedar.com or otherwise;

(b) that is not required to be filed with the OSC or any other securities regulatory authority in Canada, or on the SEDAR web site, but is so filed;

(c) that is filed or required to be filed with a government or an agency of a government under applicable law or with any stock exchange or similar institution under its bylaws, rules or regulations; or

(d) the content of which would reasonably be expected to affect the market price or value of the securities of the Company.

4.3 A “misrepresentation” means:

(a) an untrue statement of a material fact (as defined herein); or

(b) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the circumstances in which it is made.

4.4 The Securities Act distinguishes between “core documents” and “non-core documents”. For the purpose of this Policy, the following documents are “Core Documents”:

(a) prospectuses;

(b) take-over bid circulars;

(c) issuer bid circulars;

(d) directors’ circulars;

(e) rights offering circulars;

(f) management’s discussion and analysis (“MD&A” );

(g) annual information forms;

(h) information circulars;

(i) annual financial statements;

(j) interim financial statements; and

(k) material change reports.

4.5 Prior to the time that any Document is to be released to the public, filed with the OSC, any other securities regulatory authority in Canada, or filed on SEDAR, the following procedures must be observed:

(a) the Document must be prepared in consultation with, and be reviewed by, personnel in all applicable internal departments of the Company, and input from external experts and advisors should be obtained as necessary;

(b) any Core Document, other than a material change report, must be reviewed and approved by the Board;

(c) any press release which contains Undisclosed Material Information must be reviewed and approved by the Chief Executive Officer, the Chief Financial Officer and at least one other member of the Board;

(d) any press release which does not contain Undisclosed Material Information must be reviewed and approved by the Chief Executive Officer or the Chief Financial Officer and at least one other member of the Board;

(e) in the event a report, statement or opinion of any expert is included or summarized in a Document, the written consent of the expert to the use of the report, statement or opinion or extract thereof and the specific form of disclosure shall be obtained. In addition, the Board must be satisfied that:

(i) there are no reasonable grounds to believe that there is a misrepresentation in the part of the Document made on the authority of the expert; and

(ii) part of the Document fairly represents the expert report, statement or opinion.

(f) Core Documents, other than material change reports, must be provided to the Directors sufficiently in advance of the time they are to be filed or released to allow the Directors to review and comment on such documents. It is recognized that the requirement to make prompt disclosure of Material Changes by way of press releases may make it difficult to have certain press releases and material change reports reviewed by the Directors; and

(g) in the case of interim financial statements, annual financial statements and interim and annual MD&A, such documents must be reviewed and approved by the Board of Directors.

(h) In the event that a Document contains any Forward-Looking Information (as defined herein) this information must be specifically identified as such and the following additional disclosure shall be provided in written form proximate to each place in the Document where the Forward-Looking Information appears:

(i) reasonable cautionary language identifying the Forward-Looking Information as such;

(j) identifying the material factors that could cause actual results to differ materially from expected results from a conclusion, forecast or projection in the Forward-Looking Information; and

(k) a statement of the material factors or assumptions that were applied in the Forward-Looking Information.

4.6 “Forward-Looking Information” means all disclosure regarding possible events, conditions or results (including future-oriented financial information with respect to prospective results of operations, a prospective financial position or prospective changes in financial position that is based on assumptions about future economic conditions and courses of action) that is presented as either a forecast or a projection. An example would be the discussion of trends and prospects for the Company in its MD&A.

5.1 The procedures in this section apply to all Directors, Officers, Employees, Contractors and Spokespersons and any other person with actual or implied authority to make a public oral statement.

5.2 A “public oral statement” is any oral statement made in circumstances in which a reasonable person would believe that information contained in the statement will become generally disclosed. Examples include speeches, presentations, news conferences, interviews and discussions with analysts where the Company’s business and affairs, prospects or financial condition is discussed. The following procedures should be observed in respect of any public oral statements made by or on behalf of the Company:

(a) such public oral statements should be made only by the Spokespersons authorized by this Policy to make public oral statements on behalf of the Company;

(b) any public oral statement referring to a statement, report or opinion of an expert in whole or in part must have the prior written consent of said expert prior to a Spokesperson making a public oral statement related thereto;

(c) the Spokespersons must ensure that any public oral statements on behalf of the Company do not contain a misrepresentation and comply with Section 13 of this Policy (Avoiding Selective Disclosure) and Section 4.6 of this Policy (Forward-Looking Information);

(d) when available, a transcript or electronic recording of all speeches, interviews and other public oral statements made by any Spokesperson shall be made and furnished to the Chief Financial Officer immediately following the making of such public oral statement; and

(e) the applicable persons described above shall review the transcript and/or electronic recording of each public oral statement made by or on behalf of the Company to ensure that the public oral statement does not contain a misrepresentation. If such public oral statements are found to contain a misrepresentation, the person shall advise the Board and the Company shall immediately issue a correcting press release.

5.3 Where a public oral statement contains Forward-Looking Information, the Spokesperson must, prior to making such a public oral statement make the following cautionary statement indicating that the public oral statement contains Forward-Looking Information;

“Some of my commentary may contain forward-looking information, therefore, you are cautioned that the Company’s actual results could differ materially from my conclusions, forecasts or projections. I refer you to the section entitled “Description of the Business – Risk Factors” in our most recent annual information form available on SEDAR which sets out certain material factors that could cause actual results to differ.”

6.1 The Board of Directors has designed the Company’s Disclosure Controls and Procedures Policy which will be implemented and monitored by the Board. In accordance with the Disclosure Controls and Procedures Policy:

(a) The Board shall assign responsibility to the appropriate individuals to draft the required disclosures in the material public disclosures of the Company and shall develop a timeline to ensure the drafting and review is conducted in a timely manner.

(b) The Board shall review new developments, key risks and business challenges or areas of concern for special attention during the drafting process.

(c) All personnel who are requested to have direct input into the preparation of Core Documents will be provided with instructions and such other additional information as they may require to ensure that they are familiar with the Company’s obligations, the importance of compliant and accurate disclosure and the reliance which is being placed upon them.

(d) The Board shall meet as many times as may be necessary to review the draft, consider all comments raised by members of the Board and other reviewers. Concerns will be addressed with outside counsel and the independent auditors, as necessary.

(e) Where it considers it necessary or advisable, the Board will have portions of Core Documents reviewed by another knowledgeable person. Financial information in the Core Documents shall undergo a second internal review by the auditors where appropriate (eg) financial statements, MD&A, annual information forms and business acquisition reports.

(f) To serve as an additional record of the procedures employed, and to emphasize the importance of accurate and reliable information in the Company’s material public disclosures, the Board shall ask the appropriate persons to provide his or her confirmation that all material information has been brought forward to the Board. Each will be asked to provide their certification in a form to be approved by the Board.

(g) Operations personnel will be required to provide their confirmation, as appropriate, that all material information has been communicated to the responsible executive officers.

(h) Once the Board has agreed upon a final draft, the Board shall report to the Chief Executive Officer and the Chief Financial Officer:

(i) that it has followed the disclosure controls and procedures;

(ii) the Board’s findings and conclusions regarding the effectiveness of the Company’s disclosure controls and procedures; and

(iii) the Board’s assessment of the quality of the disclosures made in the Company’s Core Documents,

and the Board shall meet with the Chief Executive Officer and/or the Chief Financial Officer to discuss any questions, which either may have, and to report in person, upon the request of the Chief Executive Officer and/or the Chief Financial Officer.

(i) If for any reason the Board cannot agree upon its report, it shall meet with the Chief Executive Officer and the Chief Financial Officer to discuss its procedures and the issues which remain outstanding.

7.1 “Material information” consists of both “material facts” and “material changes”. A “material fact” means a fact that significantly affects, or would reasonably be expected to have a significant effect on, the market price or value of the securities of the Company. A “material change” means a change in the business, operations or capital of the Company that would reasonably be expected to have a significant effect on the market price or value of any of the securities of the Company and includes a decision to implement such a change if such a decision is made by the Board or by senior management of the Company who believe that confirmation of the decision by the Board is probable.

7.2 Any person to whom this Policy applies who becomes aware of information that has the possibility of being Material Information must immediately disclose that information to the Chief Executive Officer or the Chief Financial Officer and the Chief Executive Officer or Chief Financial Officer shall advise the Board. Schedule “B” attached hereto lists examples of Material Information.

7.3 Upon the occurrence of any change that may constitute a material change in respect of the Company or upon the Board, the Board, in consultation with such other advisors as it may consider necessary, shall:

(a) consider whether the event constitutes a material change;

(b) if it does constitute a material change, prepare a press release and a material change report describing the material change as required under applicable laws;

(c) determine whether a reasonable basis exists for filing the material change report on a confidential basis. In general, filings will not be made on a confidential basis although, in exceptional circumstances (such as disclosure related to a potential acquisition), confidential disclosure may be appropriate;

(d) to the extent practicable, circulate the draft press release and material change report to the members of the Board and senior management together, if applicable, with the recommendation that it be filed on a confidential basis;

(e) if applicable, following approval by the Board, file the material change report on a confidential basis and when the basis for confidentiality ceases to exist, and the event remains material, issue a press release and file a material change report in compliance with applicable securities laws, including the Act. During the period of time while a confidential material change has not been publicly disclosed, the Company shall not release a document or make a public oral statement that, due to the undisclosed material change, contains a misrepresentation.

7.4 Press releases disclosing Material Information will be transmitted to stock exchanges upon which Company securities are listed, relevant regulatory bodies and major news wire services that disseminate financial news to the financial press. Press releases must be pre-cleared by the relevant stock exchange if issued during trading hours or one hour after trading hours.

8.1 Directors, Officers, Employees and Contractors must not discuss or post any information relating to the Company or any of its subsidiaries or trading in securities of the Company in Internet chat rooms, newsgroups or bulletin boards.

9.1 The Company shall not comment, affirmatively or negatively, on rumours. This also applies to rumours on the Internet. Spokespersons will respond consistently to those rumours, saying “It is our policy not to comment on market rumours or speculation.” If the TSX, or a securities regulatory authority requests that the Company make a statement in response to a market rumour, the Board will consider the matter and make a recommendation to the Chief Executive Officer as to the nature and context of any response.

10.1 The Vice President, Investor Relations of the Company is responsible for creating and maintaining the Company’s website. The Company’s website must be maintained in accordance with the following:

(a) the following information must be included on the website:

(i) all Material Information that has previously been Generally Disclosed, including, without limitation, all documents filed on SEDAR or a link to those documents on SEDAR;

(ii) all non-Material Information that is given to analysts, institutional investors and other market professionals (such as fact sheets, fact books, slides of investor presentations, materials distributed at analyst and industry conferences);

(iii) web replays of shareholder meetings or analysts’ conferences; and

(iv) all press releases or a link to those press releases;

(b) the website must contain an e-mail link to an investor relations contact for the Company to facilitate communication with investors;

(c) the website must include a notice that advises the reader that the information was accurate at the time of posting, but may be superseded by subsequent disclosures;

(d) inaccurate information must be promptly removed from the website and a correction must be posted;

(e) information contained on the website must be removed or updated when it is no longer current;

(f) a list of all analysts known to follow the Company may be posted on the investor relations page, but analysts’ reports must not be posted on the Company’s website or linked to the Company’s website;

(g) all links from the Company’s website must be approved by the Vice-President, Investor Relations and all links must include a notice that advises the reader that he or she is leaving the Company’s website and that the Company is not responsible for the contents of the other site; and

(h) while no links will be created from the Company’s website to chat rooms, newsgroups or bulletin boards, pre-approved and publicly disclosed information posted on external websites may be referenced on the Company’s website with authorization by the Vice-President, Investor Relations.

10.2 All information on the Company’s website will be retained for a period of six years from the date of issue.

10.3 If the Company is considering a distribution of its securities, the content of the website must be reviewed with the Company’s corporate counsel before and during the offering to ensure compliance with applicable securities laws.

11.1 “Undisclosed Material Information” of the Company is Material Information about the Company that has not been “Generally Disclosed”, that is, disseminated to the public by way of a press release together with the passage of a reasonable amount of time (24 hours, unless otherwise advised that the period is longer or shorter, depending on the circumstances) for the public to analyze the information.

11.2 Any person to whom this Policy applies and who has knowledge of Undisclosed Material Information must treat the Material Information as confidential until the Material Information has been Generally Disclosed.

11.3 Undisclosed Material Information shall not be disclosed to anyone except in the necessary course of business. If Undisclosed Material Information has been disclosed in the necessary course of business, anyone so informed must clearly understand that it is to be kept confidential, and, in appropriate circumstances, execute a confidentiality agreement. Schedule “C” attached hereto lists circumstances where securities regulators believe disclosure may be in the necessary course of business. When in doubt, all persons to whom this Policy applies must consult with the Chief Financial Officer to determine whether disclosure in a particular circumstance is in the necessary course of business. For greater certainty, disclosure to analysts, institutional investors, other market professionals and members of the press and other media will not be considered to be in the necessary course of business. “Tipping”, which refers to the disclosure of Undisclosed Material Information to third parties outside the necessary course of business, is prohibited.

11.4 In order to prevent the misuse of inadvertent disclosure of Undisclosed Material Information, the procedures set forth below should be observed at all times:

(a) Documents and files containing confidential information should be kept in a safe place to which access is restricted to individuals who “need to know” that information in the necessary course of business and code names should be used if necessary;

(b) Confidential matters should not be discussed in places where the discussion may be overheard;

(c) Transmission of documents containing Undisclosed Material Information by electronic means will be made only where it is reasonable to believe that the transmission can be made and received under secure conditions; and

(d) Unnecessary copying of documents containing Undisclosed Material Information must be avoided and extra copies of documents must be promptly removed from meeting rooms and work areas at the conclusion of the meeting and must be destroyed if no longer required.

12.1 Each period (1) beginning on the first day following the end of each fiscal quarter and each fiscal year, and (2) ending when the earnings for that quarter or year have been Generally Disclosed by way of a press release, will be a “Quiet Period”. During a Quiet Period, Spokespersons must not provide any Forward-Looking Information relating to the business and affairs of the Company or any of its subsidiaries, including information relating to expected revenues, net income or profit, earnings per share, expenditure levels, and other information commonly referred to as earnings guidance (“Earnings Guidance”) or comments with respect to the financial results for the current fiscal quarter or current fiscal year. Notwithstanding these restrictions, the Company may Generally Disclose Forward-Looking Information during the Quiet Period when the Forward-Looking Information constitutes Undisclosed Material Information. During a Quiet Period, Spokespersons may respond to unsolicited inquiries about information either that is not Material Information or that has been Generally Disclosed.

13.1 When participating in shareholder meetings, news conferences, analysts’ conferences and private meetings with analysts or institutional investors, Spokespersons must only disclose information that either (1) is not Material Information or (2) is Material Information but has previously been Generally Disclosed. For greater certainty, acceptable topics of discussion include the Company’s business prospects (subject to the provisions of this Policy), the business environment, management’s philosophy and long-term strategy. Any selective disclosure of Undisclosed Material Information, including Earnings Guidance, is not permitted.

13.2 To protect against selective disclosure, the procedures outlined in Section 5 (Procedures Regarding Public Oral Statements) should be followed.

13.3 If Material Information that has not been Generally Disclosed is inadvertently disclosed, the Company shall contact the parties to whom the Material Information was disclosed and inform them: (a) that the information is Undisclosed Material Information, and (b) of their legal obligations with respect to the Material Information.

14.1 When reviewing analysts’ reports, comments of Directors, Officers, Employees and Contractors must be limited to identifying factual information that has been Generally Disclosed that may affect an analyst’s model and pointing out inaccuracies or omissions with respect to factual information that has been Generally Disclosed.

Any comments must contain a disclaimer that the report was reviewed for factual accuracy only. No comfort or guidance shall be expressed on the analysts’ earnings models or earnings estimates and no attempt shall be made to influence an analyst’s opinion or conclusion.

14.2 Analysts’ reports shall not be posted on or linked from the Company’s website.

14.3 The Company may from time to time give Earnings Guidance or any other Forward-Looking Information through voluntary disclosure by way of a press release, provided that the cautionary language described in Section 4.6 accompanies the information.

15.1 No Person in a Special Relationship with the Company shall purchase or sell or otherwise monetize securities of the Company while in possession of Undisclosed Material Information.

15.2 Directors, Officers and those Employees and Contractors who participate in the preparation of the Company’s financial statements or who are privy to material financial information relating to the Company are prohibited from purchasing or selling securities of the Company during the period of time beginning on: (i) the first day on which the stock exchange on which Company securities are listed is open for trading (a “Trading Day”) following the end of a fiscal quarter, or fiscal year end, until the second Trading Day after the financial results for a fiscal quarter or fiscal year end have been disclosed by way of press release (the “Executive Blackout”).

15.3 All Employees and Contractors who are not subject to the Executive Blackout are prohibited from purchasing or selling securities of the Company for the period of time beginning on the tenth Trading Day prior to the disclosure of financial results for a fiscal quarter or fiscal year by way of press release until the second Trading Day following such press release (the “General Blackout”).

15.4 All Directors, Officers, Employees and Contractors who are so advised by the Board, shall be prohibited from purchasing or selling securities of the Company during any other period designated by the Board (the “Specific Blackout”).

15.5 Notwithstanding Sections 15.3 and 15.4, a Director, Officer, Employee and Contractor may purchase or sell securities during any blackout period (an Executive Blackout, a General Blackout, or Specific Blackout as may be applicable) with the prior written consent of the Chief Financial Officer. The Chief Financial Officer will grant permission to purchase or sell during a blackout period only in the case of unusual, exceptional circumstances. Unusual, exceptional circumstances may include the sale of securities in the case of severe financial hardship or where the timing of the sale is critical for significant tax planning purposes.

15.6 The trading prohibitions in Sections 15.1, 15.2, 15.3 and 15.4 do not apply to the acquisition of securities through the exercise of share options or restricted share units but do apply to the sale of the securities acquired through the exercise of share options or restricted share units.

16.1 A reporting insider (as defined in National Instrument 55-104) (a “Reporting Insider”) is required to file an initial insider report within 10 days of becoming a Reporting Insider and subsequent insider reports within five days following any trade of securities of the Company. If a Reporting Insider does not own or have control over or direction over securities of the Company, or if ownership or direction or control over securities of the Company remains unchanged from the last report filed, a report is not required.

16.2 If a Reporting Insider has made a trade and requires assistance with the filing of an insider report, such Reporting Insider should contact the Chief Financial Officer who will arrange for assistance with the preparation and filing of an insider report.

17.1 To demonstrate our determination and commitment to the purposes of this Policy, the Company asks each Employee to review this Policy periodically throughout the year. Take the opportunity to discuss with management any circumstances that may have arisen that could be a breach of this Policy.

17.2 The following individuals are required to acknowledge they have read this Policy annually: Directors and Officers. Employees are required to sign the Policy when they are engaged or when the Policy is significantly revised.

RECEIPT AND ACKNOWLEDGEMENT

I, _____________________________, hereby acknowledge that I have received and read

(Print Name)

a copy of the “Disclosure, Confidentiality and Insider Trading Policy” and agree to comply with its terms. I understand that violation of insider trading or tipping laws or regulations may subject me to severe civil and/or criminal penalties, and that violation of the terms of the above-noted policy may subject me to discipline by the Company up to and including termination.

SCHEDULE “A”

Individuals and Entities to Whom This Policy Applies

This Policy applies to Contractors, Directors, Employees, Officers, Persons in a Special Relationship with the Company and Reporting Insiders.

“Contractors” means independent contractors (who are engaged in an employee-like capacity) of the Company or any of its subsidiaries;

“Directors” means directors of the Company;

“Employees” means full-time, part-time, contract or secondment employees of the Company or any of its subsidiaries;

“Officers” means officers of the Company or any of its subsidiaries;

“Persons in a Special Relationship with the Company” means:

“Reporting Insider” means an insider of the Company if the insider is

(a) in the ordinary course receives or has access to information as to material facts or material changes concerning the Company before the material facts or material changes are generally disclosed; and

(b) directly or indirectly exercises, or has the ability to exercise, significant power or influence over the business, operations, capital or development of the Company;

“significant shareholder” means a person that has beneficial ownership of, or control or direction over, whether direct or indirect, or a combination of beneficial ownership of, and control or direction over, whether direct or indirect, securities of an issuer carrying more than 10 per cent of the voting rights attached to all the Company’s outstanding voting securities, excluding, for the purpose of the calculation of the percentage held, any securities held by the person or company as underwriter in the course of a distribution.

A company is considered to be a “Subsidiary” of another company if it is controlled by (1) that other company, (2) that other and one or more companies, each of which is controlled by that other, or (3) two or more companies, each of which is controlled by that other; or it is a subsidiary of a company that is that other’s subsidiary. In general, a company will control another company when the first company owns more than 50% of the outstanding voting securities of that other company.

SCHEDULE “B”

Examples of Information That May Be Material

(Based on National Policy 51-201 and Section 410 of the Toronto Stock Exchange Manual* *NOTE: Western Uranium & Vanadium Corp. is listed on the Canadian Stock Exchange but wishes to adopt the highest Governance Standards. )

Changes in corporate structure

Changes in capital structure

Changes in financial results

Changes in business and operations

Acquisitions and dispositions

Changes in credit arrangements

SCHEDULE “C”

Examples of Disclosures That May Be Necessary in the Course Of Business

(Reproduced from National Policy 51-201) *NOTE: Western Uranium & Vanadium Corp. is listed on the Canadian Stock Exchange but wishes to adopt the highest Governance Standards. )

(1) Disclosure to:

(2) Disclosures in connection with a private placement

(3) Communications with controlling shareholders, in certain circumstances

SCHEDULE “D”

Media Protocol, WESTERN URANIUM CORPORATION

When contacted by any media person or reporter, employees and contractors of Western Uranium & Vanadium Corp. are required to observe the following protocol:

-16- 

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/16/24  Western Uranium & Vanadium Corp.  10-K       12/31/23   64:7.7M                                   EdgarAgents LLC/FA

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/15/22  Western Uranium & Vanadium Corp.  10-K       12/31/21   69:8M                                     EdgarAgents LLC/FA
11/16/20  Western Uranium & Vanadium Corp.  10-Q        9/30/20   57:2.7M                                   EdgarAgents LLC/FA
 8/14/19  Western Uranium & Vanadium Corp.  10-Q        6/30/19   52:2.6M                                   EdgarAgents LLC/FA
 4/02/18  Western Uranium & Vanadium Corp.  10-K       12/31/17   66:5.1M                                   EdgarAgents LLC/FA
 5/15/17  Western Uranium & Vanadium Corp.  10-Q        3/31/17   60:2.9M                                   EdgarAgents LLC/FA
 7/22/16  Western Uranium & Vanadium Corp.  10-12G/A    7/21/16    3:3.8M                                   EdgarAgents LLC/FA
 6/22/16  Western Uranium & Vanadium Corp.  10-12G/A               6:3.9M                                   EdgarAgents LLC/FA
 4/29/16  Western Uranium & Vanadium Corp.  10-12G                12:4.7M                                   EdgarAgents LLC/FA