VRBFF - Vanadiumcorp Contracts Metallurgical Testing on Lac Dore Bulk Samples

(TheNewswire)

Vancouver, British Columbia – March27, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC:VRBFF) ("VanadiumCorp" or the "Company) ispleased to announce retaining ImpactGlobal Solutions Inc. (IGS) for metallurgical testing. Thetesting program focuses on bulk samples from the Lac Doré property,Quebec (the "Property"). The current work will focus on thetreatment options for vanadiferous titanomagnetite concentrates.

IGS Phase 1 comprises grindingand magnetic separations. Historical technical work on the Property(CSA Global, 2020) successfully produced a good qualitytitanomagnetite concentrate from the Main Zone that contains 70% ofthe in-situ vanadium in the mineral resource estimate of the Lac Dorédeposit. Phase 1 is underway and will provide fresh concentrates forthe current testing program.

IGS Phase 2 will investigateoptions for both a selective hydrometallurgical leach for vanadium andthe pelletizing of titanomagnetite.

VanadiumCorp owns 100% of a newly patented hydrometallurgical process,VEPT (the "VanadiumCorp, Electrochem, Process Technology"),invented by Dr. Francois Cardarelli, which consists of digestingvanadiferous feedstocks into concentrated sulfuric acid. The key tothe adequate supply of critical vanadium and titanium metals will beadopting alternate extractive technologies such as this newhydrometallurgical process.

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

"VanadiumCorp recognizes recentadvances in the technology of Direct Reduced Iron (DRI) and ElectricArc Furnaces (EAF). Our top priority is to produce vanadiumelectrolytes from a decarbonized supply chain. Anticipated advances inhydrogen production promise a suitable, carbon-free reductant in theDRI process. Contingent on properly priced hydrogen supply, we willaim to process titanomagnetite with DR-EAF, yielding high-quality pigiron and EAF-slags. Historical tests of our VEPT process successfullydemonstrated high recoveries of vanadium from EAF slags of a Europeanproducer of pig iron. This optional route effectively combines a knowndecarbonized pyrometallurgical process with a finish using VEPThydrometallurgy."

About IGS Impact Global SolutionsInc. (IGS), Montreal

IGS is a private company providing consulting, metallurgicaltesting, and ISO 17025-certified analytical services to the miningindustry. IGS is committed to bringing fast-track innovative solutionsto the most challenging needs, aiming to be the only Canadian privatecompany providing R&D solutions to the mining industry.

About VanadiumCorp ResourceInc.

VanadiumCorp Resource Inc. is a mineral explorationcompany located in Vancouver, Canada, with 100% ownership of twostrategic vanadium, titanium, and iron properties in Quebec. The IronT is near Matagami, and the Company's flagship Lac Doré property isnear Chibougamau. A historical technical report (Longridge, 2020) onthe Lac Doré deposit describes Measured and Indicated MineralResources of 215 million tonnes containing 53 million tonnes ofrecoverable vanadiferous titanomagnetite. The titanomagnetiteconcentrate is estimated to have 1.49 billion pounds of V2O5 (notfactored for recoveries from titanomagnetite). VanadiumCorp does not rely upon thishistorical estimate and will initiate an updated resource estimate inmid-2024.

A remarkable transformation of the global energylandscape is underway as we shift toward renewable energy sources.Solar and wind energy sources are forecasted to dominate powergeneration. Yet, vast amounts of long-duration energy storage (LDES)are vital to time-shift and stabilize these variable energy sources.The Vanadium Flow Battery is the most mature of the LDES batterytechnologies. 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 uniquefor its ability to perform indefinitely with inexpensive operationalmaintenance."

The Company's initial manufacturing facility (Plant No.1) is in Val-des-Sources, Québec. To assure stable, long-term accessto vanadium feedstocks for electrolyte manufacturing, the Company isdeveloping novel pyrometallurgical and hydrometallurgical processes to extract vanadium from thetitanomagnetite deposits at its wholly owned Lac Doré property nearChibougamau, Québec.

The Company's electrolyte plant will also test thequality of the anticipated outputs from a Lac Doré pilot plant andreprocess electrolytes as needed. We are currently scoping theexpansion of production to 4 million litres of electrolytes peryear.

On behalf of the Board ofVanadiumCorp 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 RegulationServices Provider (as defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.

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 existingresources at Lac Doré through drilling, the costs associated with thedevelopment and operation of its properties. These assumptions andestimates are made in light of forecasts and conditions that areconsidered relevant and reasonable based on available information andcurrent circumstances. A number of risk factors may cause actualresults, level of activity, performance or results of such explorationand/or mine development to differ materially from those expressed orimplied by such forward-looking statements, including, withoutlimitation, whether such discoveries will result in commerciallyviable quantities of such mineralized materials, the ability to modifyproject parameters as plans continue to be refined, the ability toexecute planned future exploration and drilling programs, the need foradditional financing to continue exploration and development efforts,changes in general economic, market and business conditions, and otherrisks outlined in VanadiumCorp's latest Annual Information Form underthe heading "Risk Factors" and in its other publicdocuments. Forward-looking statements are not guarantees of futureperformance and such information is inherently subject to known andunknown risks, uncertainties and other factors that are difficult topredict and that may be beyond VanadiumCorp's control. AlthoughVanadiumCorp has attempted to identify important risks and factors that could cause actual actions, eventsor results to differ materially from those described in theforward-looking statements, there may be other factors and risks thatcause actions, events or results not to be as anticipated, estimatedor intended. Accordingly, undue reliance should not be placed on theseforward-looking statements. In addition, all forward-lookingstatements in this press release are made as of the date of this pressrelease. VanadiumCorp disclaims any intention or obligation to updateor revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required byapplicable securities laws.

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

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