Mr. Adriaan Bakker reports

LAC DORE RESOURCE ESTIMATE: 111.9MT @ 0.42% V2O5 INFERRED

Vanadiumcorp Resource Inc. has received the mineral resource estimation for the Lac Dore vanadium project located in the province of Quebec, Canada, near the mining town of Chibougamau. The present estimation is based on the assay results from the magnetite concentrate only (Davis tube). Inferred resource of the Lac Dore East deposit is estimated as 28,444,000 tonnes of magnetite concentrate grading 1.09 per cent vanadium oxide (V2O5). When presented in term of overall tonnage, this inferred resource represents 111,934,000 tonnes (not only concentrate) grading 0.42 per cent V2O5. This figure is consistent with previous estimations. The equivalent recovery factor from the magnetite concentrate to mineralization is calculated at 66.6 per cent. Recovery of V2O5 from magnetite concentrate is considered at 95 per cent. The Lac Dore East deposit is one of two known deposits within the mafic-ultramafic intrusion representing half of the total strike length of 3.5 kilometres within the company's Lac Dore project.

The estimation was performed from November, 2014, to February, 2015, with Christian D'Amours of Geopointcom (OGQ No. 226) being responsible for the estimate and Rejean Girard (OGQ No. 3521) from IOS Services Geoscientifiques being responsible for the data validation. The database includes holes drilled by the Quebec Natural Resources Department in the 1970s, SOQUEM in the 1980s, trenching and drilling conducted by McKenzie Bay Resources from 1997 to 2002, and Apella Resources (now VanadiumCorp) in March, 2013. All available historical data were verified (resurveyed in the field or reassayed when necessary), validated and corrected by Mr. Girard, who was involved with the project since 1997. Historical, non-compliant National Instrument 43-101 resources were previously estimated by Cambior in January, 1999, and by SNC-Lavalin in April, 2002. The effective date for the current resource estimate is Feb. 26, 2015.

The actual Geotic/MS Access database contains 83 historical surface diamond drill holes and trenches for 14,559 metres of core (trenches being considered as core equivalent). A total of 2,880 historical samples were assayed for vanadium oxide, iron oxide, titanium dioxide and specific gravity using various methods. The majority of these were coded in regard of lithologies. Most of the intervals with significant head-grade assays were tested with a Davis tube in order to obtain the magnetite content. For such, in most instances, head-grade samples were combined in longer intervals, for 3,751 concentrates, which were assayed for vanadium oxide, iron oxide and titanium dioxide. Resource estimates are based solely on results from the Davis tube on composite samples, with specific gravity taken from individual samples. Head-grade estimation is back calculated from resources based on Davis tube results.

The mineral resource estimate and geostatistical study were performed using Isatis (V.14.02) software. The method involves a 3-D block model of 10 metres by 10 metres by 11.9 metres, estimated by ordinary kriging (OK). Then an iterative procedure allowed for selecting cells and optimizing the pit design. The resource estimation is based on an open-pit mining method (50-degree slope) up to a maximum depth of 200 metres. Block selection is based first on minimum magnetite abundance of 15 per cent, then on V2O5 grade of the magnetite over the cut-off grade.

Cut-off grade was estimated from the break-even point between total cost and revenue generated by a resource block. In the current estimation, milling and processing costs vary with the abundance of magnetite, while the revenues are dependent on the vanadium grade in the magnetite concentrate processed by alkali roasting. Thus, the cut-off grade is not a static number, it was adjusted for each block. The scenario retained a market value of $5.50 per pound of metallurgical-grade V2O5. Scenarios were also calculated using $4 and $7 per pound of V2O5 for comparative purposes. The cut-off grade, and therefore the resource estimate, will have to be re-evaluated in light of prevailing market conditions and other factors, including exchange rate, mining method and other related costs.

The resource classification definitions used for this report are those published by the Canadian Institute of Mining, Metallurgy and Petroleum in its document, CIM Definition Standards for Mineral Resources and Reserves, dated of Nov. 27, 2010. Procedures and classification used are outlined in an updated technical report by Mr. D'Amours and Mr. Girard that will be filed within 45 days on SEDAR.

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