Mr. Adriaan Bakker reports

VANADIUMCORP COMPLETES PRIVATE PLACEMENT

Further to the news release dated Nov. 13, 2020, Vanadiumcorp Resource Inc. has completed its non-brokered private placement. The company issued 10 million units at a price of five cents for gross proceeds of $500,000. Each unit is composed of one common share and one non-transferable warrant. Each warrant is exercisable into one common share of the company at an exercise price of 10 cents per share for a period of 24 months from the date of issuance. The shares issued are subject to a statutory hold period expiring on Nov. 20, 2022. Proceeds from the placement will be utilized for general working capital.

About Vanadiumcorp Resource Inc.

The company is a mining and technology company focused on the commercial development of the Vanadiumcorp-Electrochem processing technology, VEPT, a green and efficient chemical process invented by Dr. Francois Cardarelli, that addresses the recovery of vanadium, iron, titanium and silica from feedstocks such as vanadiferous titano-magnetite, iron ores and other industrial byproducts containing vanadium.

Vanadiumcorp's mandate is to become a strategic supplier of renewable vanadium for redox flow batteries and other high-purity applications that benefit most from exclusively green and cost-effective vanadium. Vanadiumcorp plans to integrate VEPT into the development of the 100-per-cent-owned Lac Dore vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc.'s property, which is currently permitted to build a mine and mill to produce a vanadium-rich magnetite concentrate product.

Vanadiumcorp provides investors with leverage to vanadium, titanium and iron in the mining-friendly and geopolitically stable jurisdiction of Quebec, Canada. Green recovery technology, resource size, superior vanadium grades and well-developed infrastructure are a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese steel industry, as well as the fast-emerging renewable use of vanadium in sustainable energy storage for residential to unlimited scale applications. Nearby infrastructure includes a 161-kilovolt hydro power at approximately two cents per kilowatt-hour, a CN rail line, available water, a local airport and a mining community of over 7,000 people in the city of Chibougamau.