Mr. Adriaan Bakker reports

CORPORATE UPDATE

Vanadiumcorp Resource Inc. and its board of directors have provided a corporate update.

Management's recommendations approved by shareholders at the AGM

All of management's resolutions submitted to shareholders at the company's annual general meeting held on Sept. 28, 2018, were approved. Increased shareholder engagement was clearly demonstrated by a record number of shares cast along with 89 shareholders and duly appointed proxy holders present or represented at the meeting.

Adriaan Bakker, John Hewlett, Stephen Pearce and Sokhie Paur have all been re-elected and elected to the board of directors with overwhelming support. The secretary advised that all the nominees have consented to act as directors for the ensuing year.

The company welcomes Mr. Paur to the board of Vanadiumcorp.

Mr. Puar has over 30 years experience in the public markets and has worked in various capacities with companies in the mining, oil and gas, technology, education, and clean energy sectors since 2001. Most recently, Mr. Puar held positions of chief executive officer, president, director and chairman of Candelaria Mining Corp. raising over $28-million and leading the acquisition of several mining projects in Mexico. Mr. Puar holds a diploma in mechanical engineering technology and a diploma in business administration from the British Columbia Institute of Technology. Mr. Puar sits and has sat on boards of many public and private companies including the board of governors of Southpointe Academy, an independent school located in Tsawwassen, B.C., where he chaired the governance committee.

Stock option update

The company has granted 10.5 million incentive stock options to directors and officers of the company and 2.4 million to employees and consultants of the company at a price of 10 cents per share exercisable for a period of five years.

Vanadiumcorp Resource plans to develop VEPT in Canada and co-license the VEPT for targeted global jurisdictions to directly recover battery-grade vanadium products, vanadium electrolyte and co-products such as iron and titanium from many sources irrespective of oxidation and deleterious elements such as silica. Jointly developed and owned with electrochem, this innovative chemical process allows for integrated and low carbon footprint recovery of critical metals needed on a global scale from vanadiferous titanomagnetite, magnetite, hematite and ilmenite, as well as steel slags, calcine and oil residues. Vanadiumcorp also holds a significant vanadium-titanium-iron-bearing resource base in Quebec, Canada.