Western Uranium & Vanadium (WSTRF) position hits 5% for MMCAP and adviser

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 3,705,367 Western Uranium & Vanadium Corp. common shares, including 1,457,166 common shares and 2,248,201 common shares underlying warrants exercisable within 60 days. This represents 5.0% of the common share class as of June 30, 2026, based on 71,853,888 shares outstanding as of May 13, 2026 plus the warrant shares. Both entities have shared voting and dispositive power over these securities and no sole voting or dispositive power. Each reporting person states that it disclaims beneficial ownership of any common shares other than those directly beneficially owned by that reporting person.

Key Figures

Beneficially owned securities: 3,705,367 common shares Direct common shares: 1,457,166 common shares Shares underlying warrants: 2,248,201 common shares +4 more

7 metrics

Beneficially owned securities 3,705,367 common shares Total common shares beneficially owned as of June 30, 2026

Direct common shares 1,457,166 common shares Portion of beneficial ownership in already-issued common shares

Shares underlying warrants 2,248,201 common shares Common shares underlying warrants exercisable within 60 days

Ownership percentage 5.0% Percent of Western Uranium & Vanadium common shares class

Shares outstanding baseline 71,853,888 common shares Common shares outstanding as of May 13, 2026, used in calculation

Shared voting power 3,705,367 common shares Shares over which reporting persons share voting power

Shared dispositive power 3,705,367 common shares Shares over which reporting persons share dispositive power

Key Terms

beneficially owns, shared voting power, shared dispositive power, segregated portfolio company, +1 more

5 terms

beneficially owns financial

"The Fund directly beneficially owns the Common Shares reported in this Statement."

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

shared voting power financial

"Shared Voting Power 3,705,367.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 3,705,367.00"

segregated portfolio company financial

"Comment for : segregated portfolio company"

warrants exercisable within 60 days financial

"2,248,201 Common Shares underlying warrants that are exercisable within 60 days"

FAQ

How many Western Uranium & Vanadium (WSTRF) shares do MMCAP and MM Asset Management report owning?

They report beneficial ownership of 3,705,367 Western Uranium & Vanadium common shares, consisting of 1,457,166 common shares and 2,248,201 common shares underlying warrants exercisable within 60 days from the event date of June 30, 2026.

What percentage of Western Uranium & Vanadium (WSTRF) does this 13G/A filing represent?

The reporting persons state beneficial ownership of 5.0% of Western Uranium & Vanadium’s common shares. This is calculated using 71,853,888 shares outstanding as of May 13, 2026, plus 2,248,201 shares underlying the reported warrants.

How much of MMCAP and MM Asset Management’s WSTRF position is in warrants?

Their reported position includes 2,248,201 Western Uranium & Vanadium common shares underlying warrants that are exercisable within 60 days. The remaining 1,457,166 securities in the reported total are already-issued common shares held by the fund.

Do MMCAP and MM Asset Management have sole or shared voting power over WSTRF shares?

They report 0 sole voting power and 3,705,367 shares of shared voting power. They also report no sole dispositive power and 3,705,367 shares of shared dispositive power, reflecting joint control over voting and disposition of the position.

Who are the reporting persons in this Western Uranium & Vanadium (WSTRF) Schedule 13G/A?

The filing is made by MMCAP International Inc. SPC, a Cayman Islands segregated portfolio company, and MM Asset Management Inc., an Ontario, Canada investment adviser. The adviser may be deemed to beneficially own shares held directly by the fund.

What disclaimers do MMCAP and MM Asset Management make about their WSTRF ownership?

Each reporting person disclaims beneficial ownership of any Western Uranium & Vanadium common shares other than those directly beneficially owned by that specific reporting person, limiting the extent of their acknowledged economic interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:18 PM Accepted by SEC EDGAR 08/14/2026 - 04:08 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Western Uranium & Vanadium Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

95985D100

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 3,705,367.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,705,367.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,705,367.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: segregated portfolio company

SCHEDULE 13G

CUSIP Number(s): 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 3,705,367.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,705,367.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,705,367.00

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)

5.0 %

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, Ontario, Canada, 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 June 30, 2026 (and which includes 1,457,166 Common Shares and an additional 2,248,201 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 May 13, 2026, as reported in the Issuer's Form 10-Q filed with the SEC on May 14, 2026; and (y) an additional 2,248,201 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:	08/14/2026

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	Hillel Meltz/President
Date:	08/14/2026