Project Summary
Projects HISTORIC* (Formerly Measured, Indicated and Inferred) Vanadium to Uranium Ratio Technical Report
Uranium (lbs) Grade (%)
1Sunday Mine Complex 2,913,914 0.25 to 0.36 6 : 1 NI 43-101 **
2San Rafael 5,264,300 0.25 to 0.33 1.35 : 1 NI 43-101 ***
3Sage 581,905 0.15 to 0.23 6.25 : 1 NI 43-101 ****
6Hansen/Taylor Ranch 46,480,000 0.058 to 0.062 NA JORC Code *****
Additional Uranium and Vanadium Mines: 4 Dunn, 5 Van 4
7 Bullen Oil & Gas Property, Weld County

*Important Caution Regarding Historic Mineral Resources:
Historic Mineral resources are not mineral reserves and do not have a demonstrated economic viability. All referenced historic mineral resources are historic estimates under NI 43-101. In order to disclose the historic resources as current, Western would need to complete and file an NI 43-101 technical report on The mineral resource estimates set out above may be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic, legal, political and other factors. There is insufficient information available to assess the extent to which the potential development of the mineral resources described herein may be affected by these risks and the other risk factors discussed in the Company’s most recent Management Discussion and Analysis.

**Anthony R. Adkins, CPG, is responsible for validating the database as adequate for resource estimation and for estimating the mineral resources pertaining to the Sunday Complex described herein. Mr. Adkins is a Qualified Person and is independent of Western within meaning of NI 43-101.

***O. Jay Gatten, P. Geol., LLC was commissioned by Western Uranium & Vanadium to prepare an Independent Technical Report compliant with the Canadian National Instrument, 43-101 on the San Rafael Uranium Project, an advanced-stage uranium property. The report was finalized on November 19, 2014 and filed on on November 20, 2015.

****Colorado Plateau Partners (a Joint Venture between Energy Fuels and Lynx-Royal) completed a NI 43-101 Technical Report on the Sage Plain Project (Technical Report on Colorado Plateau Partners LLC (Energy Fuels Resources Corporation/Lynx-Royal JV) Sage Plain Project, San Juan County, Utah and San Miguel County, Colorado by Douglas C. Peters, Certified Professional Geologist, Peters Geosciences Golden, Colorado December 16, 2011).

*****The information that relates to Mineral Resources at the Hansen/Taylor Ranch Uranium Project has been prepared in accordance with JORC standards and is based on information compiled by Mr. Rex Bryan who is a Registered Member of the Society for Mining, Metallurgy and Exploration (SME), which is a Recognized Professional Organization. Mr. Rex Bryan compiled this information in his capacity as a Principal Geologist of Tetra Tech.