Mr. Adriaan Bakker reports

VANADIUMCORP FILES NI 43-101 TECHNICAL REPORT

Vanadiumcorp Resource Inc. has filed a National Instrument 43-101 technical report, entitled the "Lac Dore Project, Chibougamau, Quebec, Canada," with an effective date of Dec. 10, 2020. The technical report is available for review on SEDAR and on the company's website.

The technical report discloses the results of a mineral resource estimate (MRE) for the company's 100-per-cent-owned Lac Dore vanadium project. The total measured and indicated mineral resources for the Lac Dore project are estimated at 214.93 million tonnes of mineralized material contained in the Lac Dore Main zone with the potential to produce 52.97 million tonnes of magnetite concentrate grading 1.3 per cent vanadium pentoxide (V2O5), 62 per cent iron (Fe) and 8.7 per cent titanium dioxide (TiO2).

In addition, the Lac Dore project hosts 86.91 million tonnes grading 0.4 per cent V2O5, 28.0 per cent Fe, 7.6 per cent TiO2 and 25.9 per cent magnetite concentrate in the inferred category which are estimated to contain 22.55 million tonnes of magnetite concentrate grading 1.2 per cent V2O5, 62 per cent Fe and 9.2 per cent TiO2.

Vanadiumcorp now has sufficient mineral resources in the appropriate categories to progress with a preliminary economic assessment or prefeasibility study. The company plans to independently validate its 100-per-cent-owned Vanadiumcorp electrochem process technology (VEPT) for use in future economic studies.

Summary of the mineral resource estimate:

• Measured and indicated mineral resources of 214.93 million tonnes at 0.4 per cent V2O5, 27.1 per cent Fe, 7.1 per cent TiO2 and 24.6 per cent magnetite;
• Measured and indicated mineral resources estimated to contain 52.97 million tonnes of magnetite concentrate grading 1.3 per cent V2O5, 62 per cent Fe and 8.7 per cent TiO2;
• Measured and indicated mineral resources estimated to contain 1.49 billion pounds of V2O5 in the magnetite concentrate;
• Additional inferred mineral resources of 86.91 million tonnes, grading at 0.4 per cent V2O5, 28.0 per cent Fe, 7.6 per cent TiO2 and 25.9 per cent magnetite;
• Inferred mineral resources estimated to contain 22.55 million tonnes of magnetite concentrate, with the concentrate grading 1.2 per cent V2O5, 62 per cent Fe and 9.2 per cent TiO2;
• Inferred mineral resources estimated to contain an additional 61 million pounds of V2O5 in the magnetite concentrate;
• Significant stratigraphic unit with higher magnetite content delineated within the resource (unit P2-A) with:
  • Measured and indicated mineral resources of 78.1 million tonnes at 0.6 per cent V2O5, 33.4 per cent Fe, 9.3 per cent TiO2 and 33.9 per cent magnetite, with 1.3 per cent V2O5, 62.0 per cent Fe and 9.3 per cent TiO2 in magnetite concentrate;
  • Inferred mineral resources totalling 29.2 million tonnes at 0.6 per cent V2O5, 32.7 per cent Fe, 8.8 per cent TiO2 and 32.8 per cent magnetite with 1.3 per cent V2O5, 62 per cent Fe and 8.1 per cent TiO2 in magnetite concentrate;
• 100.86 million tonnes in the measured and indicated category with magnetite concentrate grades over 1.4 per cent V2O5.

About Vanadiumcorp Resource Inc.

Vanadiumcorp is focused on the commercial development of its 100-per-cent-owned green and efficient chemical recovery process, invented by Dr. Francois Cardarelli, that addresses the recovery of vanadium, iron, titanium and silica from feedstocks such as vanadiferous titano-magnetite, iron ores and other industrial byproducts containing vanadium. Furthermore, Vanadiumcorp's mandate is to become a strategic supplier of renewable, next-generation vanadium electrolyte for redox flow batteries and other high-purity applications that benefit most from exclusively green and cost-effective vanadium. Vanadiumcorp plans to license VEPT globally and integrate VEPT into the development of the 100-per-cent-owned Lac Dore vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc.'s property, which is currently permitted to build a mine and mill to produce a vanadium-rich magnetite concentrate product. Vanadiumcorp provides investors with leverage to vanadium, titanium and iron in the mining-friendly and geopolitically stable jurisdiction of Quebec, Canada. Green recovery technology, primary vanadium resource size, superior grades and well-developed infrastructure puts Vanadiumcorp in a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese and global steel industries, as well as the fast-emerging renewable use of vanadium in sustainable energy storage for stationary to unlimited scale applications. Nearby infrastructure at Lac Dore includes a 161-kilovolt hydro power at approximately two cents per kilowatt hour, CN Rail line, available water, local airport and a mining community of over 7,000 people in the city of Chibougamau.

Qualified person

The technical information contained in this news release has been reviewed and approved by Dr. Luke Longridge, professional geoscientist, CSA Global senior structural geologist, an independent qualified person with respect to the company's Lac Dore project as defined under National Instrument 43-101. Dr. Adrian Martinez, professional geoscientist, OGQ special authorization, CSA Global senior resource geologist, is the independent qualified person with respect to the MRE.

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