Mr. Patrick Laracy reports

VULCAN MINERALS INC. - EXPLORATION UPDATE ON COLCHESTER/SPRINGDALE AND RED CROSS LAKE PROJECTS IN NEWFOUNDLAND

Vulcan Minerals Inc. has provided the following exploration update on its 100-per-cent-owned Colchester/Springdale and Red Cross Lake projects in central Newfoundland.

Highlights:

• IP (induced polarization) survey under way at McNeilly zone;
• Environmental approval for Red Cross Lake access.

Colchester/Springdale (copper/gold)

Further to its continuing work on this project, the company has commenced an IP survey at the McNeilly zone, where the company has had recent drilling success in expanding the volcanic massive sulphide copper-gold deposit (see news Jan. 12, 2024). Previous IP surveys by the company and historic operators have shown a positive correlation to copper zones. McNeilly appears to exhibit more than one copper zone based on recent drilling in 2023. This survey will help distinguish the trend of these zones. The survey will tie into a previous IP survey on the Colchester main deposit to the north and help establish the relationship between the two deposits. The survey consists of 20 line kilometres and will assist in directing further drilling.

The company wishes to acknowledge the financial support of the junior exploration assistance program and the provincial critical mineral assistance program administered by the Department of Industry, Energy and Technology of Newfoundland in the amount of a $150,000 grant toward exploration work carried out in 2023 on the Colchester/Springdale project.

Red Cross Lake (nickel/copper)

As part of a proposed exploration program at Red Cross Lake, the company applied for environmental approval for a river crossing at the outflow of Red Cross Lake to permit access for exploration and drilling activities. The project was registered with the Newfoundland Department of Environment and Climate Change on May 9, 2024, and released from further review with conditions on June 20, 2024.

President Patrick Laracy commented: "We are active on our 100-per-cent-owned Newfoundland projects as we add value to each of them notwithstanding the bear market conditions our industry is currently experiencing. Value added today will be leveraged in more favourable markets in the future. These projects are all road accessible, resulting in very cost-effective exploration. We plan to drill either the Colchester/Springdale project or Red Cross Lake this year. However, both projects warrant drilling in due course."

About Vulcan Minerals Inc.

Vulcan Minerals is a precious metal and base metal exploration company based in St. John's, Nfld. The company has strategic land positions in multiple active Newfoundland exploration and development belts. The company has leveraged its exploration exposure in much of this land position through equity ownership of other explorers obtained by way of option and royalty agreements. It also owns approximately 30 per cent of the shares in Atlas Salt Inc. Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.

Patrick J. Laracy, PGeo, president, is the qualified person who has reviewed and approved the technical contents of this news release as defined in National Instrument 43-101.

We seek Safe Harbor.