NWN - VanadiumCorp's Electrolyte Plant Approved for Shipment to Quebec

(TheNewswire)

Vancouver, British Columbia – TheNewswire - December 12, 2023 – VanadiumCorp ResourceInc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) ("VanadiumCorp" orthe "Company") is pleased to announcethat, last week, VanadiumCorp team completed the inspection of itsassembled Plant No. 1 at the UK facility of C-Tech Innovation Ltd. Theengineering design specified their proprietary C-Flow™ electrolyzerdesign because no additional chemicals are added during themanufacturing process, ensuring a high-purity electrolyte output.

The VanadiumCorp team inspected the assembled equipmentand approved it for transport to Val-des-Sources, Québec. Uponarrival the plant will be re-assembled and commissioned. Operatortraining and full commissioning is planned for Q1 2024.

During the UK inspection with C-Tech engineers, theVanadiumCorp team held several technical meetings:

• During the review of the Plant No. 1 process, thethroughput was confirmed at 300,000 litres/year of electrolyte. Withadditional weekly process batching, output can exceed 350,000litres/year.

• Additional consultation was held on the pre-engineeringdesign of VanadiumCorp’s Plant No. 2, presently scoped at 4 millionlitres/year, sufficient to provision some 76 MWh of Vanadium FlowBattery (“VFB”) energy storage per year. The Company is nowreviewing a specific industrial site with favourable synergies, alsolocated in Québec.

Nikkie Cooke, General Manager, C-Tech Innovation Ltdstated:

“C-Tech Innovation is pleased tosupport VanadiumCorp with the delivery of a bespoke 300,000litres/year vanadium electrolyte plant based on our proprietaryC-Flow™ electrolyser design. Moving forward, we are excited to bepart of the team working on the first phase deployment of a 4 millionlitres/year production facility in 2024.”

VanadiumCorp is pleased with the C-Tech teamcollaboration on both Plant No. 1 and on the scoping of its secondplant. Upon site and partner selection, a detailed engineering andeconomic study of Plant No. 2 is anticipated to commence in Q22024.

On behalf of the Board ofVanadiumCorp Resource Inc.

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

Company contact information:

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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 factorsthat could cause actual actions, events or results to differmaterially from those described in the forward-looking statements,there may be other factors and risks that cause actions, events orresults not to be as anticipated, estimated or intended. Accordingly,undue reliance should not be placed on these forward-lookingstatements. In addition, all forward-looking statements in this pressrelease are made as of the date of this press release. VanadiumCorpdisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by applicablesecurities laws.

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

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