Mr. Patrick Laracy reports

VULCAN MINERALS INC. - CORPORATE UPDATE

Vulcan Minerals Inc. has provided a corporate update.

In February, 2021, the company entered into an option agreement with Sassy Gold Corp. (Sassy) in relation to the company's Gander belt gold mineral property. Subsequent to the date of this agreement, Sassy assigned the option to Gander Gold Corp. Pursuant to that agreement, Gander Gold and the company have amended the 2025 option payment. The company will now receive, in stages by Nov. 11, 2025, one million common shares of Gander Gold instead of 500,000 common shares and a cash payment of $100,000 originally due in 2025. Upon receipt of the amended one million shares, the company will own 1,177,240 common shares of Gander Gold. The company also owns 800,000 common shares of Sassy.

The company has had field crews on all its active projects, Colchester/Springdale, Red Cross Lake and Carbonear over the summer. The focus was on prospecting various mineral showings and geochemical soil anomalies, ground truthing some geophysical anomalies and optimizing access to various potential drill targets. Recent forest fires in Newfoundland have delayed activities on these projects but conditions are currently returning to normal for field access. A technical update on these projects is forth coming with plans for further fieldwork this fall.

The company advises that the legal action by Geophysical Service Inc. (GSI) against the company initiated in 2014 has been discontinued by GSI. It has been the company's position since the start of litigation that this case had no basis or merit. The dropping of the case by GSI confirms this and puts an end to this legal claim.

About Vulcan Minerals Inc.

Vulcan Minerals is a base and precious metals exploration company based in St. John's, Nfld., with strategic land interests in multiple active Newfoundland exploration and development belts. 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.

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