VRB:CC - Vanadiumcorp's Electrolyte Plant is Assembled and Ready for Inspection

(TheNewswire)

NOT FOR DISSEMINATION IN THE UNITEDSTATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES.

Vancouver, British Columbia – TheNewswire - December 5, 2023 – VanadiumCorp ResourceInc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) ("VanadiumCorp" orthe "Company") is pleased to present acorporate update on its latest initiatives. VanadiumCorp is a Canadian critical minerals company in therenewable energy storage space facilitating the global energytransition. In Q2 2022, the Company undertook amajor management restructuring and a strategic refocusing to expediterevenues and maximize shareholder value. Management analysis in 2022forecasted the vanadium market would enter a multi-year period ofprice stability favourable for expanding the Vanadium Flow Battery(“ VFB ”) market. The price trends are now well established andsupport the deployment of our initial vanadium electrolytemanufacturing in Québec. We are pleased to announce thefollowing:

• Val-des-Sources, Québecplant : Our vanadium electrolyte-processing plantis complete and ready for inspection in the manufacturer's UK facilityduring the week of December 4, 2023. VanadiumCorp engineers willconduct the inspection and release the equipment for immediateshipping to VanadiumCorp’s facility in Québec forre-assembly.

• The pre-engineering scoping study ofa second Québec electrolyte plant is complete: This second plant would produce approximately 4 millionlitres/year – sufficient to provision 76 MWh of Vanadium FlowBattery (“VFB”) energy storage per year. The Company is nowreviewing a specific industrial site with favourable synergies, alsolocated in Québec. Upon site and partner selection, a detailedengineering and economic study is anticipated to commence in Q22024.

VanadiumCorp's commitment to energy storage forrenewables comes at the right time. Last Saturday, on the third day ofthe COP28 summit, more than 110 nations committed to triplingrenewable energy capacity by 2030 and doubling the annual rate ofenergy efficiency improvements. Long Duration Energy Storage (LDES) iscritical to deploying renewable energy. The VFB is recognized as themost developed flow battery and is unique for its ability to performindefinitely with inexpensive operational maintenance. VFBs now servea segment of the LDES battery market (10+ hours discharge) – thatother deployed technologies don't economically reach.

Electrolytes are the largest cost component of the VFBsystem. Supply chain shortages put electrolytes on the critical pathto the expansion of the LDES market. The Company is an early mover inthe electrolyte supply chain, anchored by the expected production fromCompany-owned Québec mineral deposits.

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

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

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

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

• The Government of Québec, through PRIMA Québec, itsAdvanced 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 equipmentloan for $775,000 from a lender in British Columbia (announced on September 29, 2023) and a portion ofthe proceeds of the latest private placement of the Company, ensurethat the Company has the financial resources required to completeequipment procurement.

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

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

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

• Phase 1 pre-engineering scoping iscomplete : VanadiumCorp team prepared an estimateof all major site conditions and equipment performances. Results aresufficient to scope Phase 1 of a second electrolyte plant, producingapproximately 4 million litres/year of electrolytes and providingabout 76 MWh of VFB energy storage per year.

• Plant site selection isunderway : The Company is now reviewing specificindustrial sites in Québec with favourable synergies.

• Full engineering, economic, andenvironmental studies for Phase 1 of the secondplant is expected by Q2. The full engineering will commence upon thesuccessful commissioning and initial revenue from the first plant atVal-des-Sources. Phase 2 ofthe second plant would expand productioncapacity up to 8 million litres/year, dependingon market conditions.

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", "isexpected", "budget", "forecast","estimates", "forecasts", "intends","anticipates" or "does not anticipate", or"believes", or variations of such words and phrases orstatements that certain actions, events or results "may","could", "would", "could" or "willbe taken",  "occur" or "will be achieved".VanadiumCorp relies on a number of assumptions and estimates to makethese forward-looking statements, including, without limitation, theability to acquire the necessary permits and authorizations to advancethe Lac Doré property to the production stage, the ability to add toexisting resources at Lac Doré through drilling, the costs associatedwith the development and operation of its properties. Theseassumptions and estimates are made in light of forecasts andconditions that are considered relevant and reasonable based onavailable information and current circumstances. A number of riskfactors may cause actual results, level of activity, performance orresults 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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