Mr. Eric Sprott, an investor, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN VULCAN MINERALS INC.

On Dec. 23, 2023, 10 million common share purchase warrants of Vulcan Minerals Inc. (held by 2176423 Ontario Ltd., a corporation Eric Sprott beneficially owns) expired unexercised, representing a decrease in holdings of approximately 9.5 per cent of the outstanding common shares on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these warrants, Mr. Sprott beneficially owned 10 million shares and 10 million warrants, representing approximately 7.8 per cent of the outstanding shares on a non-diluted basis and approximately 14.4 per cent on a partially diluted basis assuming the exercise of such warrants.

As a result of the warrant expiry, Mr. Sprott now beneficially owns 10 million shares, representing approximately 7.8 per cent of the outstanding shares on a non-diluted basis. The warrant expiry combined with previous new share issuances by Vulcan Minerals resulted in an ownership change, on a partially diluted basis, of approximately 9.5 per cent since the date of the last filing of an early warning report and brings total holdings to under 10 per cent on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario ceased to be insiders of Vulcan Minerals.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Vulcan Minerals is located at 333 Duckworth St., St. John's, Nfld., A1C 1G9. A copy of the early warning report with respect to the foregoing will appear on Vulcan Minerals' profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, suite 1106, Toronto, Ont., M5C 3C5).