Mr. Adriaan Bakker reports

MEMORANDUM OF UNDERSTANDING WITH DELECTRIK SYSTEMS PRIVATE LIMITED

Vanadiumcorp Resource Inc. has signed a memorandum of understanding with Delectrik Systems Private Ltd. Vanadiumcorp and Delectrik share a vision to develop integrated energy storage solutions through the development of vanadium redox flow battery (VRFB) technologies.

The MOU allows the companies to collaborate on a number of key strategic initiatives including:

• VRFB high-power stack and electrolyte development;
• Development of intellectual property;
• Production of VRFB systems with integrated technology;
• Production of VRFB systems for evaluation by third parties;
• Engineering, commissioning and logistics framework relating to the production of VRFB systems;
• Assess and model manufacturing of VRFB integrated solutions;
• Assess all cost-reduction possibilities and requirements for scaled manufacturing;
• Potential commercialization of high-power stack and electrolyte;
• Application modelling for many different use cases;
• Assess collaboration, partnership or joint venture possibilities.

Upon a successful VRFB demonstration, Vanadiumcorp and Delectrik will enter into a definitive agreement, which may include manufacturing rights and other considerations supporting scaling commercial production.

Vanadiumcorp and Delectrik both recognize the importance of strategic vanadium supply, cost-effective vanadium electrolyte and VRFB architecture in the development of XRG technology. Both parties may endeavour to establish supply pathways including Vanadiumcorp electrochem process technology and wholly owned mineral resources. The parties agree to explore unique and alternative business relationships, which may further the party's objectives.

About Delectrik Systems Private Ltd.

Delectrik is an established vanadium redox flow battery producer based in Gurgaon, India. Delectrik's products are based on patented stack-and-system design using a proven and mature vanadium redox flow battery chemistry.

About Vanadiumcorp Resource Inc.

Vanadiumcorp is developing a dedicated supply chain to power vanadium-based energy storage technology with the lowest cost and carbon footprint. The company wholly owns XRG technology, a resource base in mining-friendly Quebec, Canada, and jointly owned process technology that recovers vanadium sustainably and efficiently.