VanadiumCorp Resource Inc. Receives TSX Approval for an Oversubscribed Financing

The Company will now issue 16,329,400 units ("Units"), each Unit consisting of one common share of the Company and one common share purchase warrant, each warrant entitling the holder to acquire an additional common share at an exercise price of $0.18 for a period of two years.

Cash finders' fees and broker warrants in accordance with Exchange policies are being paid as follows:

• Echelon Wealth Partners - $800 cash and 8,000 non-transferable broker warrants

• Haywood Securities Inc. - $18,800 cash and 188,000 non-transferable broker warrants

• GloRes Securities Inc. - $4,000 cash and 40,000 non-transferable broker warrants

• Leede Jones Gable Inc. - $800 cash and 8,000 non-transferable broker warrants

Six (6) insiders of the Company have subscribed for 3,879,400 Units for proceeds of $387,940, which participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"), such insider subscription being a "related party transaction" as that term is defined under MI 61-101 - Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization.

All securities issued pursuant to the Financing will be subject to a four month hold from date of issue.

Net proceeds of the Financing will be used for metallurgical test work for the Company's Lac Doré vanadium-titanium-iron deposit, the procurement of equipment for the Company's production test facility for high-quality vanadium electrolyte for use in Vanadium Redox Flow Batteries (VRFB) and general corporate purposes.

Paul McGuigan, the Company's CEO, stated: "This oversubscribed financing will be used to advance the procurement and assembly of the Company's first electrolyte plant in Val-des-Sources, Québec. New technical staff have been retained with the aim to begin construction in August-September and receive process equipment in the fourth week of September 2023. The Company elects to manufacture the highest purity vanadium electrolyte to complement primary vanadium production from deposits such as our Lac Doré vanadium-titanium-iron property in Chibougamau, Québec. In choosing to manufacture in Québec, the Company demonstrates our commitment to value-added processing of mineral resources in Québec and to the circular economy."

About VanadiumCorp Resource Inc.

VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company's initial manufacturing facility is based in Val-des-Sources, Québec. The Company's electrolyte plant will also be used to test the quality of Lac Doré pilot plant outputs and to reprocess electrolytes. Stable, long-term access to vanadium feedstock for the electrolytes is assured, success-contingent on developing our wholly-owned vanadium-titanium-iron mineral deposits, including our flagship Lac Doré deposit near Chibougamau, Québec.

An introduction to the Company by our Executive Chairman, Ian Mallory, can be viewed as a Greenshoe Media Group video at: https://www.youtube.com/watch?v=-gjU26_osDc

On behalf of the Board of VanadiumCorp Resource Inc.

Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com

Company website: www.vanadiumcorp.com

For more information, contact Mr. McGuigan, or:

Gilles Dupuis, P.Eng.
Director, Chief Operating Officer
gd@vanadiumcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.

Forward-Looking Statements

This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp's relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

The forward-looking statements contained herein are expressly qualified by this disclaimer.