Mr. Paul McGuigan reports

CONSTRUCTION OF THE VANADIUMCORP ELECTROLYTE MANUFACTURING FACILITY IS ON TRACK

Vanadiumcorp Resource Inc.'s first facility for manufacturing vanadium electrolytes, announced on March 29, 2023, is on track. The company has taken possession of its site at the CIMMS facility in Val-des-Sources, Que. Engineering designs are complete. All major equipment is procured and ready for installation upon arrival of the electrochemical equipment from the United Kingdom in early October. The company has contracted for the initial feedstock supplies for the manufacturing process. The company expects production to begin in Q1 2024.

As previously announced, Vanadiumcorp's first electrolyte facility is located at the Carrefour d'Innovation sur les materiaux de la MRC des Sources (CIMMS), in Val-des-Sources, Que. CIMMS provides technical support services to innovative mining, metals and eco-materials companies active in Quebec. The company and CIMMS have signed a cooperation agreement to produce initially up to 360,000 litres/year of high-quality vanadium electrolyte for use in vanadium redox flow batteries (VRFB). The initial test facility is sufficient to provision 6.8 MWh (megawatt-hours) of VRFB storage per year.

Contingent on sales to international battery manufacturers, potential production in Quebec can expand incrementally according to market needs using the company's modular production line design. Each module has a capacity of three million litres/year, each providing about 57 MWh of VRFB storage per year.

The development of the electrolyte facility has been greatly facilitated by a grant from PRIMA Quebec, the agency of the government of Quebec supporting innovation in critical and strategic metals. See the news release from the company dated July 31, 2023.

Vanadiumcorp's chief executive officer, Paul McGuigan, PGeo, stated, "As we move towards assembly and commissioning of our first electrolyte facility, Vanadiumcorp can now turn our attention to how best to support VRFB manufacturers with their key ingredient for success in deploying the best long-duration batteries on the market."

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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