Mr. Kristien Davenport reports

VANADIUMCORP REPORTS RESULTS OF AMBIENT NOISE TOMOGRAPHY SURVEY AT LAC DORE VANADIUM PROJECT

Vanadiumcorp Resource Inc. has released the results of an ambient noise tomography (ANT) geophysical survey completed at its 100-per-cent-owned Lac Dore vanadium project located near Chibougamau, Que.

The survey was conducted by CAUR Technologies Inc. and provides a three-dimensional shear-wave velocity (Vs) model to support geological interpretation and assist in targeting future exploration programs.

Survey overview

The ANT survey was completed in early 2025 over an area of approximately 7.4 square kilometres using 98 passive seismic nodes. Continuous ambient seismic data were recorded and processed to generate a 3-D velocity model to an interpreted depth of approximately 450 metres.

Data quality and coverage were considered sufficient to support interpretation within the limits of the methodology.

CAUR interpretation summary

The results of the ANT survey are interpreted as follows:

• A laterally continuous low-velocity corridor has been identified that spatially coincides with the known vanadium-titanium-magnetite (VTM) mineralized trend at surface.
• The identified feature appears to increase in lateral continuity at depth within the investigated volume.
• The observed lower seismic velocities, relative to expected values for magnetite-rich lithologies, are interpreted to reflect localized fracturing and/or hydrothermal alteration within or adjacent to the mineralized zone.
• The geometry of the interpreted feature is subvertical, suggesting that it may represent a structural or alteration corridor intersecting the stratigraphic sequence.

"These interpretations are preliminary in nature and are based on indirect geophysical measurements. The results do not constitute direct evidence of mineralization and must be validated through drilling and integration with geological data. The ANT survey provides a framework to prioritize targets for future drilling; however, no assurance can be given that such targets will result in the discovery of additional mineralization." -- CAUR Technologies Inc.

Technical information

The ANT survey was conducted by CAUR Technologies. The results referenced herein are based on the technical report titled: "Ambient Noise Tomography Survey - Lac Dore Vanadium Project (CAU-24-007)," dated Feb. 3, 2026.

Geophysical interpretations are inherently non-unique and model-dependent. The ANT method provides indirect measurements of subsurface properties and does not replace drilling as a means of confirming geological interpretations or mineralization.

Strategic significance

The recently completed ambient noise tomography survey at the Lac Dore property provides a new three-dimensional view of subsurface geology, comparable with an ultrasound image of the ground. By recording naturally occurring seismic vibrations, the survey maps variations in the physical properties of rocks at depth, which can be indicative of geological structures, zones of fracturing or areas of alteration commonly associated with mineral systems.

The ANT survey results suggest that the known vanadium-bearing geological trend identified at surface may extend to depth and could be associated with a broader structural feature. While these results are encouraging and support the company's exploration model, it is important to note that the ambient noise tomography survey does not directly detect mineralization, and does not confirm the presence, grade or continuity of economic mineralization at depth.

Use of results and next steps

The company intends to integrate the ANT data set with:

• Historical drilling and downhole data;
• Planned three-dimensional geological and geophysical modelling to refine exploration targeting and reduce geological uncertainty.
• Additional work, including follow-up geophysics and drilling, will be required to test the interpretations derived from the ANT survey.

About the Lac Dore project

The Lac Dore project hosts a large vanadiferous titanomagnetite system located within the Chibougamau mining district of Quebec.

The most recent mineral resource estimate for the project was prepared by CSA Global with an effective date of Oct. 27, 2020. This estimate is considered a historical estimate under National Instrument 43-101.

Historical mineral resource estimate (Oct. 27, 2020)

Historical mineral resource estimate (Oct. 27, 2020)

The mineral resource estimate for the Lac Dore project was prepared by CSA Global with an effective date of Oct. 27, 2020, and is considered a historical estimate under National Instrument 43-101.

The estimate reports:

In-situ resource:

Measured and indicated:  214.93 Mt (million tonnes) grading 0.40 per cent V2O5, 27.1 per cent Fe, 7.1 per cent TiO2

Inferred:  86.91 Mt grading 0.40 per cent V2O5, 28.0 per cent Fe, 7.6 per cent TiO2

Magnetite concentrate basis:

Measured and indicated:   52.82 Mt grading 1.3 per cent V2O5

Inferred:  22.55 Mt grading 1.2 per cent V2O5

The historical estimate was prepared using industry-standard estimation methodologies applicable at the time, including geological modelling, drill data interpretation and reasonable assumptions regarding mineral continuity. However, the company has not independently verified the data or assumptions underlying this estimate.

The resource categories reported (measured, indicated and inferred) are consistent with the classification categories defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards; however, a qualified person has not completed sufficient work to classify the historical estimate as current mineral resources.

The company is not aware of any more recent mineral resource estimates for the Lac Dore project.

The historical estimate is considered relevant as it demonstrates the presence of a large vanadiferous titanomagnetite system; however, its reliability is uncertain due to the lack of recent verification, modern quality assurance and quality control (QA/QC) review, and updated geological modeling.

Significant work will be required to upgrade or verify the historical estimate, including but not limited to:

• Verification of historical drill data and sampling procedures;
• Implementation of modern QA/QC protocols;
• Confirmatory and infill drilling;
• Updated geological and resource modelling;
• Preparation of a current mineral resource estimate in accordance with National Instrument 43-101.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, and the company is not treating this estimate as current.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Andre Gauthier, PGeo, a qualified person as defined under National Instrument 43-101 and a director of the company.

Mr. Gauthier has not independently verified the historical mineral resource estimates disclosed herein and does not accept responsibility for their accuracy. His review was conducted to ensure compliance with NI 43-101 disclosure requirements.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource is a Canadian critical minerals exploration and development company focused on advancing vanadium-titanium-iron projects in Quebec, including its flagship Lac Dore project.

We seek Safe Harbor.