VanadiumCorp's First Electrolyte Production Plant is Fully Assembled

VanadiumCorp is pleased to announce our first vanadium electrolyte production facility is now fully assembled and "dry-fitted." Today, we commence pressure testing of the equipment. Commissioning and calibration of Plant No. 1 will begin next week, using our inventory of vanadium pentoxide (V2O5) flake, 93% sulfuric acid, and additives. Operations and staff training start by the week of March 11, 2024.

This Plant No. 1 is located in Val-des-Sources, Québec, at the Carrefour d'Innovation sur les Matériaux de la MRC des Sources (CIMMS),

Paul McGuigan, P. Geo., CEO of the Company, stated:

"VanadiumCorp will enter midstream into the Vanadium Flow Battery (VFB) supply-chain with the production of vanadium electrolytes for Original Equipment Manufacturers (OEMs). With the initial production and testing of Plant No. 1 electrolytes, VanadiumCorp is on track to produce up to 350,000 litres of electrolytes annually, sufficient to store some 6.8 MWh of electrical energy in VFB installations. The Company welcomes inquiries from those VFB OEMs seeking a reliable, Made-in-Canada source of high-purity vanadium electrolytes."

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 Flow Batteries (VFB). According to MIT (2022), the flow battery "technology platform can incorporate a wide array of chemistries, among which the most developed at present is the VFB, which is unique for its ability to perform indefinitely with inexpensive operational maintenance."

The Company's initial manufacturing facility is in Val-des-Sources, Québec. To assure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, the Company is developing novel hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Doré property near Chibougamau, Québec.

The Company's electrolyte plant will also test the quality of the anticipated outputs from a Lac Doré pilot plant and reprocess electrolytes as needed. We are currently scoping the expansion of production to 4 million litres of electrolytes per year.

On behalf of the Board of VanadiumCorp Resource Inc.:

Paul McGuigan, P.Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com
Direct: +1.604.970.3278

Company Contact Information:

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.

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.