Mr. Paul McGuigan reports

VANADIUMCORP RECEIVES CRITICAL METALS FINANCING FROM PRIMA QUEBEC

Vanadiumcorp Resource Inc. has received a grant of $500,000 to support the development of its vanadium electrolyte production plant in Val-des-Sources, Que. The grant from PRIMA Quebec will help ensure that the company's production process will be state-of-the-art and will contribute to an environmentally friendly circular economy.

The financial assistance comes from the support program for research and development for the circular economy applied to the sectors of critical and strategic minerals of the Ministry of Natural Resources and Forests of Quebec, which is administered by PRIMA Quebec.

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

Gilles Dupuis, PEng, the chief operating officer of the company, said: "This assistance is another demonstration of the tremendous leadership of the government of Quebec in supporting the development of new battery technologies and manufacturing. This will help put vanadium from Quebec on the world's green energy map."

"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 contribute to the establishment of a circular economy," said Marie-Pierre Ippersiel, president and chief executive officer of PRIMA Quebec.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration vanadium redox flow batteries. The company's initial manufacturing facility is based in Val-des-Sources, Que. Stable, long-term access to vanadium feedstock for the electrolytes is assured, contingent on successful development of the company's wholly owned vanadium-titanium-iron mineral deposits, including the company's flagship Lac Dore deposit near Chibougamau, Que. The company's electrolyte plant will also be used to test the quality of Lac Dore pilot plant outputs and to reprocess electrolytes.

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