Mr. Paul McGuigan reports

VANADIUMCORP ANNOUNCES A KEY MILESTONE WITH ITS FIRST ELECTROLYTE PLANT

Vanadiumcorp Resource Inc.'s technical team is conducting the final stages of process optimization of its vanadium electrolyte plant No. 1. The plant is functioning as designed and calibration electrolyte batches are running as expected. The construction advisers from C-Tech U.K. have completed their work and have demobilized.

Vanadium electrolyte production is a key milestone for Vanadiumcorp. Plant No. 1 will provide electrolytes to develop the company's initial customer base. Concurrently with the design and construction of plant No. 1, the company's technical team prepared a scoping-level engineering study for a four-million-litre-per-year plant. Upon securing offtake contracts, the company's scoping indicates that about 18 months of detailed engineering, procurement and construction is required to open plant No. 2.

The company's plant No. 1 is located in Val-des-Sources, Que., at the Carrefour d'Innovation sur les Materiaux de la MRC des Sources (CIMMS). The company's website displays photographs of the completed plant.

Paul McGuigan, PGeo, chief executive officer of the company, stated:

"Vanadiumcorp will enter mid-stream into the vanadium flow battery (VFB) supply chain with the production of vanadium electrolytes for original equipment manufacturers (OEMs). With the initial production of electrolytes from plant No. 1, Vanadiumcorp is on track to produce up to 350,000 litres of electrolytes annually, sufficient to store some 6.8 megawatt-hours of electrical energy in VFB installations. The company welcomes inquiries from those VFB OEMs seeking a reliable, made-in-Canada source of high-purity vanadium electrolytes."

About Vanadiumcorp Resource Inc.

A remarkable transformation of the global energy landscape is under way as the company shifts toward renewable energy sources. Solar and wind energy sources are forecasted to dominate power generation. Yet, vast amounts of long-duration energy storage (LDES) are vital to time-shift and stabilize these variable energy sources. The vanadium flow battery is the most mature of the LDES battery technologies. According to MIT (2022), the flow battery "technology platform can incorporate a wide array of chemistries, among which the most developed at present is the VFB, which is unique for its ability to perform indefinitely with inexpensive operational maintenance."

The company's initial manufacturing facility is in Val-des-Sources, Que. To assure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, the company is developing novel hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Dore property near Chibougamau, Que.

The company's electrolyte plant will also test the quality of the anticipated outputs from a Lac Dore pilot plant and reprocess electrolytes as needed. The company is currently scoping the expansion of production to four million litres of electrolytes per year.

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