VRB:CC - VanadiumCorp Cancels Financing Announced in June 2024

(TheNewswire)

Vancouver, British Columbia – TheNewswire - July 11, 2024 – VanadiumCorp ResourceInc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp"or the "Company") announces that it isnot proceeding with the non-brokered private placement financing offlow-through units and non-flow-through units of aggregate proceeds upto $1,000,000 that was announced by the Company in its news releasesdated May 29, 2024 and June 4, 2024.  Any proposed investor in thefinancing who deposited funds pending closing of the financing willreceive a return of their funds forthwith.

The new Board of Directors and management team atVanadiumCorp that was put in place at the Annual General and SpecialMeeting of Shareholders held on July 2, 2024 is reviewing the currentfinancial condition and requirements of the Company.  A newfinancing, on revised terms, is expected to be announced within thenext week.

About VanadiumCorp ResourceInc.

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

On behalf of the Board ofVanadiumCorp Resource Inc.

Ian Mallory
Chairman and CEO
ianm@vanadiumcorp.com

Phone: +1.514.416.1749

Company contact information:

Neither the TSX Venture Exchange nor its RegulationServices Provider (as defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.

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

Forward-Looking Statements

This document may contain forward-looking statements(including "forward-looking information" within the meaningof applicable Canadian securities laws and "forward-lookingstatements" within the meaning of the US Private SecuritiesLitigation Reform Act of 1995) regarding, among other things,VanadiumCorp's business. and the environment in which it operates. Ingeneral, forward-looking statements can be identified by the use ofwords such as "anticipates", "expects" or"does not expect", "is expected","budget", "forecast", "estimates","forecasts", "intends", "anticipates" or"does not anticipate", or "believes", orvariations of such words and phrases or statements that certainactions, events or results "may", "could","would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorprelies on a number of assumptions and estimates to make theseforward-looking statements, including, without limitation, the abilityto acquire the necessary permits and authorizations to advance the LacDoré 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 itsproperties. These assumptions and estimates are made in light offorecasts and conditions that are considered relevant and reasonablebased on available information and current circumstances. A number ofrisk factors may cause actual results, level of activity, performanceor results of such exploration and/or mine development to differmaterially from those expressed or implied by such forward-lookingstatements, including, without limitation, whether such discoverieswill result in commercially viable quantities of such mineralizedmaterials, the ability to modify project parameters as plans continueto be refined, the ability to execute planned future exploration anddrilling programs, the need for additional financing to continueexploration and development efforts, changes in general economic,market and business conditions, and other risks outlined inVanadiumCorp's latest Annual Information Form under the heading"Risk Factors" and in its other public documents.Forward-looking statements are not guarantees of future performanceand such information is inherently subject to known and unknown risks,uncertainties and other factors that are difficult to predict and thatmay be beyond VanadiumCorp's control. Although VanadiumCorp hasattempted to identify important risks and factors that could causeactual actions, events or results to differ materially from thosedescribed in the forward-looking statements, there may be otherfactors and risks that cause actions, events or results not to be asanticipated, estimated or intended. Accordingly, undue reliance shouldnot be placed on these forward-looking statements. In addition, allforward-looking statements in this press release are made as of thedate of this press release. VanadiumCorp disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by applicable securities laws.

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

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