8% Western Uranium (WSTRF) stake reported by MMCAP and Asset Management

Rhea-AI Filing Summary

Western Uranium & Vanadium Corp. received an updated ownership report showing that MMCAP International Inc. SPC and Asset Management Inc. together beneficially own 6,044,567 Common Shares, representing 8.0% of the class as of December 31, 2025.

The reported position includes 2,516,366 Common Shares and an additional 3,528,201 Common Shares underlying warrants that are exercisable within 60 days. The ownership percentage is based on 71,853,888 Common Shares outstanding as of November 13, 2025 plus these warrant shares. The filers state that the securities were not acquired and are not held for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Western Uranium & Vanadium Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

95985D100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 95985D100

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,044,567.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,044,567.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,044,567.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP No. 95985D100

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,044,567.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,044,567.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,044,567.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Western Uranium & Vanadium Corp.
(b)	Address of issuer's principal executive offices: 5 Church Street Toronto, A6, M5E 1M2
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Common Shares other than the Common Shares directly beneficially owned by such Reporting Person.
(b)	Address or principal business office or, if none, residence: The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada.
(c)	Citizenship: For citizenship or place of organization see Item 4 of the cover page of each Reporting Person.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 95985D100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of December 31, 2025 (and which includes 2,516,366 Common Shares and an additional 3,528,201 Common Shares underlying warrants that are exercisable within 60 days).
(b)	Percent of class: See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 71,853,888 Common Shares outstanding as of November 13, 2025 as reported in the Issuer's Form 10-Q filed with the SEC on November 14, 2025; and (y) an additional 3,528,201 Common Shares underlying the warrants described above.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Ulla Vestergaard/Director
Date:	02/17/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	02/17/2026

FAQ

What ownership stake in WSTRF is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 6,044,567 Common Shares, or 8.0% of Western Uranium & Vanadium’s stock. This combines currently held shares and shares underlying warrants that are exercisable within 60 days of December 31, 2025.

Who are the reporting persons in the WSTRF Schedule 13G/A?

The reporting persons are MMCAP International Inc. SPC and Asset Management Inc. MMCAP, a Cayman segregated portfolio company, directly holds the securities, while Asset Management Inc., based in Ontario, Canada, is the investment manager and may be deemed to share beneficial ownership.

How is the 8.0% beneficial ownership of WSTRF calculated?

The 8.0% figure is based on 71,853,888 Common Shares outstanding plus certain warrant shares. The calculation uses the issuer’s reported outstanding shares as of November 13, 2025, and adds 3,528,201 shares underlying warrants exercisable within 60 days.

What types of WSTRF securities are included in the 6,044,567 shares?

The 6,044,567 total includes 2,516,366 Common Shares and 3,528,201 warrant shares. Those additional shares are underlying warrants that are exercisable within 60 days of the December 31, 2025 event date used in the ownership report.

Do the WSTRF reporting persons intend to influence control of the company?

The reporting persons certify that their WSTRF holdings are not for changing or influencing control. They state the securities were not acquired and are not held in connection with any transaction intended to change control, other than limited activities related to director nominations under applicable rules.

How much voting and dispositive power do the WSTRF reporting persons share?

Each reporting person reports shared voting and shared dispositive power over 6,044,567 Common Shares. They report no sole voting or sole dispositive power, indicating decisions over these shares are shared between the fund and its investment adviser.