Mr. Paul McGuigan reports

VANADIUMCORP ANNOUNCES ELECTROLYTE PLANT EQUIPMENT FINANCING

Vanadiumcorp Resource Inc. has obtained a machinery and equipment financing for its manufacturing operations for $775,000.

The lender is Key West Ford Financing of New Westminster, B.C. The term of the financing is 55 months, at an interest rate of 9.9 per cent per annum. There is also a commitment fee of $25,000 payable to the lender. The financing is secured by the machinery and equipment of the company located at the company's manufacturing facility for vanadium electrolyte that is currently under construction in Val-des-Sources, Que., as well as certain analytical equipment located at the company's operations site at Lac Dore property, Chibougamau, Que. The financing was disbursed on Sept. 25, 2023.

Paul McGuigan, Vanadiumcorp's chief executive officer, PGeo, stated, "The new equipment financing will strengthen the ability of Vanadiumcorp to attain our near-term goals of completing our first plant and commencing commercial production of vanadium electrolyte in Q1 of 2024."

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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