Exhibit
10.1


 


Execution
Copy


 


WESTERN
URANIUM CORPORATION


 


TERM
PROMISSORY NOTE


 


	US$250,000	TORONTO,
    ONTARIO




 


DATE:
September 30th 2015


 


	1.	Promise to Pay




 


FOR
VALUE RECEIVED the undersigned (the "Borrower") unconditionally promises to pay to The Siebels Hard Asset Fund,
Ltd (the "Lender"), its successors (including any successor by reason of amalgamation) and assigns, or to its
order, at its registered offices at Ugland House, South Church Street, George Town, KY1-1104, Cayman Islands (or at such other
address as the Lender shall notify the Borrower), in United States Dollars , the amount of Two Hundred and Fifty Thousand Dollars
(US $250,000) (the "Principal Amount") together with interest on the Principal Amount outstanding from time to
time. The Principal Amount shall be due and be paid on December 15, 2015 (the "Maturity Date").


 


	2.	Interest




 


The
Principal Amount outstanding at any time, and from time to time, and any overdue interest, shall bear interest at the rate equal
to sixteen per cent (16%) nominal before and after demand, default, and judgment. Such interest shall be calculated and compounded
monthly not in advance when not in default on the last day of each month and the Maturity Date and, after default, payable on
demand.


 


	3.	Prepayment




 


When
not in default under this Note, the Borrower shall be entitled to prepay all or any portion of the Principal Amount outstanding
without notice, bonus or penalty.


 


	4.	Application of
    Payments




 


Any
payments in respect of amounts due under this Note shall be applied first in satisfaction of any accrued and unpaid interest,
and then to the Principal Amount outstanding.


 


	5.	Waiver by the
    Borrower




 


The
Borrower waives demand, presentment for payment, notice of non-payment, notice of dishonour, notice of acceleration, and notice
of protest of this Note. The Borrower also waives the benefit of any days of grace, the right to assert in any action or proceeding
with regard to this Note any setoffs or counterclaims which the Borrower may have against the Lender.


 






     

     


    

 


	6.	No Waiver by
    the Lender




 


Neither
the extension of time for making any payment which is due and payable under this Note at any time or times, nor the failure, delay,
or omission of the Lender to exercise or enforce any of its rights or remedies under this Note, shall constitute a waiver by the
Lender of its right to enforce any such rights and remedies subsequently. The single or partial exercise of any such right or
remedy shall not preclude the Lender's further exercise of such right or remedy or any other right or remedy.


 


	7.	Security




 


This
Note is secured by, inter alia, debenture agreement of the Borrower in favour of the Lender, dated as of the date hereof,
constituting a first-ranking charge on all the Collateral as defined in the general security agreement of the Borrower dated as
of the date hereof.


 


	8.	Governing Law and Successors




 


This
Note is made under and shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable in the Province of Ontario, and shall enure to the benefit of the Lender and its successors and assigns,
and shall be binding on the Borrower and its successors and permitted assigns.


 


	 	WESTERN
URANIUM CORPORATION

	 	 	 
	 	By:	/s/
    George E. Glasier
	 	Name:	George
    E. Glasier
	 	Title:	President
    & CEO
	 	 	 
	 	THE SIEBELS HARD ASSET FUND, LTD.
	 	 	 
	 	By:	/s/
    Joseph Byrne
	 	Name:	Joseph
Byrne
	 	Title:	COO


 




     

     


    

 


The
Siebels Hard Asset Fund, Ltd


Ugland
House, South Church Street


George
Town, KY1-1104 Cayman Islands


 


December
16, 2015


Western
Uranium Corporation


401
Bay Street, Suite 2702


Toronto,
Ontario M5H 2Y4


Canada


 


Gentlemen,


 


The
Siebels Hard Asset Fund, Ltd (“SHAF”), has been assigned a certain Promissory Note between SHAF and Western
Uranium Corporation (“WUC”). WUC has requested that the repayment of US$250,000 in principal and $8,422.52
in interest due December 15, 2015 (“Effective Date”) together the ‘Extended Amount’) be extended until
June 16, 2016 (“Maturity Date”).


 


As
at the Effective Date, a total balance due of $258,422.52 (Two Hundred Fifty-Eighty Thousand Four Hundred Twenty-two and Fifty-Two
Cents) is payable by WUC to SHAF being US$250,000 in principal and $ 8,333.33 in interest.


 


In
consideration for such extension of the repayment of the Extended Amount WUC will pay interest on the extended Amount at rate
of 18% per annum from the Effective Date until the Maturity Date.


 


Please
acknowledge your concurrences with this arrangement.


 


	 	Sincerely,
	 	 
	 	/s/
    Christopher Rogers
	 	Christopher
    Rogers


 


ACKNOWLEDGED
THIS 16th DAY OF December 2015


 


WESTERN
URANIUM CORPORATION


 


	BY	/s/
    Michael Skutezky	 
	 	Michael
    Skutezky Chairman