VanadiumCorp Resource's Electrolyte Plant is Assembled and Ready for Inspection

Vancouver, Dec. 5, 2023 - VanadiumCorp Resource Inc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) ("VanadiumCorp" or the "Company") is pleased to present a corporate update on its latest initiatives. VanadiumCorp is a Canadian critical minerals company in the renewable energy storage space facilitating the global energy transition. In Q2 2022, the Company undertook a major management restructuring and a strategic refocusing to expedite revenues and maximize shareholder value. Management analysis in 2022 forecasted the vanadium market would enter a multi-year period of price stability favourable for expanding the Vanadium Flow Battery ("VFB") market. The price trends are now well established and support the deployment of our initial vanadium electrolyte manufacturing in Québec. We are pleased to announce the following:

• Val-des-Sources, Québec plant: Our vanadium electrolyte-processing plant is complete and ready for inspection in the manufacturer's UK facility during the week of December 4, 2023. VanadiumCorp engineers will conduct the inspection and release the equipment for immediate shipping to VanadiumCorp's facility in Québec for re-assembly.

• The pre-engineering scoping study of a second Québec electrolyte plant is complete: This second plant would produce approximately 4 million litres/year - sufficient to provision 76 MWh of Vanadium Flow Battery ("VFB") energy storage per year. The Company is now reviewing a specific industrial site with favourable synergies, also located in Québec. Upon site and partner selection, a detailed engineering and economic study is anticipated to commence in Q2 2024.

VanadiumCorp's commitment to energy storage for renewables comes at the right time. Last Saturday, on the third day of the COP28 summit, more than 110 nations committed to tripling renewable energy capacity by 2030 and doubling the annual rate of energy efficiency improvements. Long Duration Energy Storage (LDES) is critical to deploying renewable energy. The VFB is recognized as the most developed flow battery and is unique for its ability to perform indefinitely with inexpensive operational maintenance. VFBs now serve a segment of the LDES battery market (10+ hours discharge) - that other deployed technologies don't economically reach.

Electrolytes are the largest cost component of the VFB system. Supply chain shortages put electrolytes on the critical path to the expansion of the LDES market. The Company is an early mover in the electrolyte supply chain, anchored by the expected production from Company-owned Québec mineral deposits.

Electrolyte Facility, Val-des-Sources, Québec - On Budget - Scheduled for Q1 2024 Completion

VanadiumCorp announced its first production facility on March 29, 2023. VRB's COO, Gilles Dupuis, P. Eng., and CTO, Gilles Y. Champagne, Ph.D., manage the design and construction. Scheduled completion is Q1-2024. Key attributes of this development are:

• As of this date, the plant at Val-des-Sources, Québec, is on budget. The Company has taken possession of the production site and commenced site preparation. Engineering designs are complete. All major equipment is procured and ready for installation, with some supporting process equipment already on-site. The Company has taken delivery of the initial feedstock supplies for the production process and is building a multi-month feedstock inventory.

• Deploying state-of-the-art electrochemical technology, the facility will produce up to 350,000 litres/year of high-purity vanadium electrolyte for VFB manufacturers and end-users worldwide. This volume is sufficient to provision 6.6 MWh of VFB energy storage per year. The total capital cost of the plant is estimated to be $1.8 million.

• The Government of Québec, through PRIMA Québec, its Advanced Materials Research and Innovation hub, has given a grant of $500,000 to the Company to support the construction of this plant. This grant (announced on July 31, 2023), combined with an equipment loan for $775,000 from a lender in British Columbia (announced on September 29, 2023) and a portion of the proceeds of the latest private placement of the Company, ensure that the Company has the financial resources required to complete equipment procurement.

• Production of electrolytes from the plant is expected to begin in Q1-2024.

Second Québec Electrolyte Plant - Phase 1 - 4 million litres/year.

Consistent with VanadiumCorp's strategic goal to be a significant producer of high-purity electrolytes in the global market, the Company is investigating constructing its second vanadium electrolyte plant. The Company's current experience designing the Val-des-Source plant has identified all the major process design components needed for the second plant. Investment decisions for a second plant will follow from positive engineering feasibility, agreements with industrial partners, and project financing.

• Phase 1 pre-engineering scoping is complete: VanadiumCorp team prepared an estimate of all major site conditions and equipment performances. Results are sufficient to scope Phase 1 of a second electrolyte plant, producing approximately 4 million litres/year of electrolytes and providing about 76 MWh of VFB energy storage per year.

• Plant site selection is underway: The Company is now reviewing specific industrial sites in Québec with favourable synergies.

• Full engineering, economic, and environmental studies for Phase 1 of the second plant is expected by Q2. The full engineering will commence upon the successful commissioning and initial revenue from the first plant at Val-des-Sources. Phase 2 of the second plant would expand production capacity up to8 million litres/year, depending on market conditions.

On behalf of the Board of VanadiumCorp Resource Inc.

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

Company contact information:

Suite 303 - 5455 West Boulevard Vancouver, British Columbia V6M 3W5 Canada +1.604.970.3278	3 rue de Boisé, Marieville, Québec J3M 1S7 Canada
Email: info@vanadiumcorp.com	Website: www.vanadiumcorp.com

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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 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.

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