Vanadiumcorp receives funding from Prima Quebec for a critical metal

VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTCBB: VRBFF) ('VanadiumCorp' or the 'Company') is pleased to announce that the Company has received a $500,000 grant to support the development of the vanadium electrolyte production plant in Val-des-Sources, Quebec.

Thanks to this grant, the Company's production equipment will be state-of-the-art, which will also contribute to an environmentally friendly circular economy.

The financial assistance comes from the Research and Development Support Program for the Circular Economy Applied to Critical and Strategic Minerals Sectors of the Ministere des Ressources naturelles et des Forets, which is administered by PRIMA Quebec.

The Corporation's new production facility will operate in partnership with the Carrefour d'innovation sur les materiaux de la MRC des Sources (CIMMS), and is expected to be operational in early 2024. It will produce a high-quality vanadium electrolyte for vanadium electrolyte flow (VRFB) redox batteries. VRFBs are the next generation of long-life batteries that are currently being deployed worldwide to support renewable energy storage.

Gilles Dupuis, P.Eng., Chief Operating Officer of the Corporation, stated: 'This assistance is another demonstration of the Government of Quebec's tremendous leadership in supporting the development of new technologies and battery manufacturing. This will help put Quebec's vanadium on the global green energy map. '

'The vanadium electrolyte produced in Quebec will become a key component in the international battery industry. Supporting this development in Quebec will help diversify our industrial base and implement a circular economy,' said Marie-Pierre Ippersiel, President and CEO of PRIMA Quebec.

About PRIMA Quebec

As an industrial research sector cluster (RSRI), PRIMA Quebec, the Advanced Materials Research and Innovation Hub, animates and supports the advanced materials ecosystem by promoting collaborative innovation for Quebec's economic development. It is the privileged catalyst between industrial and research circles. www.prima.ca

About VanadiumCorp Resource Inc.

VanadiumCorp Resource Inc. will produce a high-quality vanadium electrolyte for the fast-growing international vanadium electrolyte flow redox battery (VRFB) market. The Company's first electrolyte production facility is located in Val-des-Sources, Quebec. By eventually developing its own mineral deposits of vanadium, titanium and iron with exclusive properties, the company will secure a reliable and long-term supply of raw materials for the manufacture of electrolytes. Our flagship project is the Lac Dore deposit near Chibougamau, Quebec. The Company's plant will also be used to test the quality of minerals extracted from the Lac Dore deposit and to recycle electrolytes.

Contact:

Email: pjm@vanadiumcorp.com

Forward-Looking Statements

This document may contain forward-looking statements (including 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as 'expects', 'expects' or 'does not expect', 'is expected', 'budget', 'forecast', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain events, actions or results 'may', 'could', 'would', or 'will be taken'. 'occur' or 'will be achieved'. VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the permits and authorizations necessary to advance the Lac Dore mining property to the production stage, the ability to add to existing resources at Lac Dore through drilling, costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks set out in VanadiumCorp's latest Annual Information Form under the heading 'Risk Factors', and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.