Mr. Paul McGuigan reports

VANADIUMCORP CONTRACTS METALLURGICAL TESTING ON LAC DORE BULK SAMPLES

Vanadiumcorp Resource Inc. has retained Impact Global Solutions Inc. (IGS) for metallurgical testing. The testing program focuses on bulk samples from the Lac Dore property, Quebec. The current work will focus on the treatment options for vanadiferous titanomagnetite concentrates.

IGS phase 1 comprises grinding and magnetic separations. Historical technical work on the property (CSA Global, 2020) successfully produced a good quality titanomagnetite concentrate from the Main zone that contains 70 per cent of the in situ vanadium in the mineral resource estimate of the Lac Dore deposit. Phase 1 is under way and will provide fresh concentrates for the current testing program.

IGS phase 2 will investigate options for both a selective hydrometallurgical leach for vanadium and the pelletizing of titanomagnetite.

Vanadiumcorp owns 100 per cent of a newly patented hydrometallurgical process, VEPT (Vanadiumcorp, electrochem, process technology), invented by Dr. Francois Cardarelli, which consists of digesting vanadiferous feedstocks into concentrated sulfuric acid. The key to the adequate supply of critical vanadium and titanium metals will be adopting alternate extractive technologies such as this new hydrometallurgical process.

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

"Vanadiumcorp recognizes recent advances in the technology of direct reduced iron (DRI) and electric arc furnaces (EAF). Our top priority is to produce vanadium electrolytes from a decarbonized supply chain. Anticipated advances in hydrogen production promise a suitable, carbon-free reductant in the DRI process. Contingent on properly priced hydrogen supply, we will aim to process titanomagnetite with DR-EAF, yielding high-quality pig iron and EAF-slags. Historical tests of our VEPT process successfully demonstrated high recoveries of vanadium from EAF slags of a European producer of pig iron. This optional route effectively combines a known decarbonized pyrometallurgical process with a finish using VEPT hydrometallurgy."

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource is a mineral exploration company located in Vancouver, Canada, with 100-per-cent ownership of two strategic vanadium, titanium and iron properties in Quebec.

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