SCHEDULE: MMCAP & MM Asset Management Disclose 8.8% Western Uranium Stake

MMCAP International Inc. SPC and MM Asset Management Inc. jointly reported beneficial ownership of 8.8% of Western Uranium & Vanadium Corp.'s common shares.

Summary

• MMCAP International Inc. SPC and MM Asset Management Inc. (the "Reporting Persons") have jointly reported beneficial ownership of 6,044,567 common shares of Western Uranium & Vanadium Corp.
• This represents 8.8% of the issuer's common shares outstanding.
• The reported ownership includes 2,516,366 common shares and an additional 3,528,201 common shares underlying warrants exercisable within 60 days.
• The percentage of beneficial ownership is calculated based on 65,298,332 common shares outstanding as of August 13, 2025, plus the 3,528,201 warrant shares.
• The filing is an Amendment No. 5 to a Schedule 13G, indicating previous disclosures by these entities.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain performance or operational information to assess a positive or negative sentiment beyond the act of investment itself.

Positives

• Significant institutional investment by MMCAP International Inc. SPC and MM Asset Management Inc. indicates a notable level of confidence in Western Uranium & Vanadium Corp.
• The inclusion of 3,528,201 shares from exercisable warrants suggests a potential future increase in direct shareholding by the reporting persons.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional investor holding 8.8% of common shares, potentially influencing market perception and liquidity.

Key Dates

Keywords

Western Uranium & Vanadium Corp., MMCAP International Inc. SPC, MM Asset Management Inc., Uranium, Vanadium, Beneficial Ownership, Schedule 13G, Institutional Investment, Common Shares, Warrants