Mr. Paul McGuigan reports

VANADIUMCORP RECEIVES TSX APPROVAL FOR AN OVERSUBSCRIBED FINANCING

Vanadiumcorp Resource Inc. has received approval from the TSX Venture Exchange to close its non-brokered private placement financing for aggregate gross proceeds of $1,632,940.

The Company will now issue 16,329,400 units ("Units"), each Unit consisting of one common share of the Company and one common share purchase warrant, each warrant entitling the holder to acquire an additional common share at an exercise price of $0.18 for a period of two years.

Cash finders' fees and broker warrants in accordance with Exchange policies are being paid as follows:

• Echelon Wealth Partners - $800 cash and 8,000 non-transferable broker warrants
• Haywood Securities Inc. - $18,800 cash and 188,000 non-transferable broker warrants
• GloRes Securities Inc. - $4,000 cash and 40,000 non-transferable broker warrants
• Leede Jones Gable Inc. - $800 cash and 8,000 non-transferable broker warrants

Six (6) insiders of the Company have subscribed for 3,879,400 Units for proceeds of $387,940, which participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"), such insider subscription being a "related party transaction" as that term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.

All securities issued pursuant to the Financing will be subject to a four month hold from date of issue.

Net proceeds of the Financing will be used for metallurgical test work for the Company's Lac Dore vanadium-titanium-iron deposit, the procurement of equipment for the Company's production test facility for high-quality vanadium electrolyte for use in Vanadium Redox Flow Batteries (VRFB) and general corporate purposes.

Paul McGuigan, the Company's CEO, stated: "This oversubscribed financing will be used to advance the procurement and assembly of the Company's first electrolyte plant in Val-des-Sources, Quebec. New technical staff have been retained with the aim to begin construction in August-September and receive process equipment in the fourth week of September 2023. The Company elects to manufacture the highest purity vanadium electrolyte to complement primary vanadium production from deposits such as our Lac Dore vanadium-titanium-iron property in Chibougamau, Quebec. In choosing to manufacture in Quebec, the Company demonstrates our commitment to value-added processing of mineral resources in Quebec and to the circular economy."

About VanadiumCorp Resource Inc.

VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company's initial manufacturing facility is based in Val-des-Sources, Quebec. The Company's electrolyte plant will also be used to test the quality of Lac Dore pilot plant outputs and to reprocess electrolytes. Stable, long-term access to vanadium feedstock for the electrolytes is assured, success-contingent on developing our wholly-owned vanadium-titanium-iron mineral deposits, including our flagship Lac Dore deposit near Chibougamau, Quebec.

We seek Safe Harbor.