Western Uranium & Vanadium : Management’s Discussion and Analysis For the years ended December 31, 2021 and 2020

WESTERN URANIUM & VANADIUM CORP.

Management’s Discussion and Analysis

For the years ended December 31, 2021 and 2020

(Stated in USD)Dated April 18, 2022INTRODUCTIONWestern Uranium & Vanadium Corp. (the "Company" or "Western", formerly Western Uranium Corporation) is the issuer. This Management’s Discussion and Analysis ("MD&A") provides a review of corporate developments, results of operations and financial position for the years ended December 31, 2021 and 2020. The MD&A is intended to supplement the consolidated financial statements and notes thereto (the "Statements") of Western for the above-noted periods.All amounts included in the MD&A are presented in US dollars, unless otherwise specified. This report is dated April 18, 2022, and the Company’s filings can be reviewed on the SEDAR website at www.sedar.com and on the CSE website at www.cnsx.ca FORWARD-LOOKING STATEMENTSThis MD&A contains forward-looking statements. Forward-looking statements can often be identified by the use of words such as "plans", "expects" or "does not expect", […]

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