Mr. Paul McGuigan reports

VANADIUMCORP AMENDS NON-BROKERED PRIVATE PLACEMENT FINANCING

Further to Vanadiumcorp Resource Inc.'s Dec. 18, 2023, news release, it has filed documents with the TSX Venture Exchange amending its non-brokered private placement financing.

On receipt of final approval from the TSX-V, the company will issue an additional 700,000 10-cent flow-through units for total aggregate proceeds, including the 1,725,000 eight-cent non-flow-through units and 1,448,000 10-cent flow-through units previously announced, of $352,800

Subject to TSX-V approval, cash finders' fees in the amount of $17,440 will be paid, and 48,000 broker warrants, exercisable at 12 cents for two years, and 120,000 broker warrants, exercisable at 14 cents for two years, will be issued.

The financing included one insider, subscribing for $64,800 or 648,000 FT units, and that portion of the financing is a related party transaction as such 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 per cent of the company's market capitalization.

All securities issued pursuant to the financing are subject to a four-month hold from the date of issue.

Net proceeds from the financing will be used for exploration and metallurgical testing on the company's wholly owned mineral properties and general corporate purposes.

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 (VRFB). The company's initial manufacturing facility is based in Val-des-Sources, Que. Stable, long-term access to vanadium feedstock for the production of electrolytes is assured, success-contingent on developing our wholly owned vanadium-titanium-iron mineral deposits, including the flagship Lac Dore deposit near Chibougamau, Que. The company's electrolyte plant will also be used to test the quality of future Lac Dore pilot plant outputs and to reprocess electrolytes.