VRBFF - Vanadiumcorp Secures a Quebec Electrolyte Manufacturing Site

(TheNewswire)

Vancouver, British Columbia andVal-des-Sources, Québec – TheNewswire - March 29, 2023– VanadiumCorp Resource Inc. (TSXV:VRB) (OTC:APAFF)(FSE:NWN) (the "Company") is pleasedto announce the attainment of significant milestones in theestablishment of the Company's test facility for manufacturingvanadium electrolytes. Site selection is complete, and equipmentprocurement has begun. The Company has secured the primary electrolytemanufacturing equipment from leading international process equipmentsuppliers.

The electrolyte facility will be located at theCarrefour d’Innovation sur les matériaux de la MRC des Sources(CIMMS), in Val-des-Sources, Québec.  CIMMS provides technicalsupport services to innovative mining, metals and eco-materialscompanies active in Québec. The Company and CIMMS have signed acooperation agreement to produce over 2 million litres/year ofhigh-quality vanadium electrolyte for use in Vanadium Redox FlowBatteries (VRFB). The Company expects production to begin in Q4 2023.The initial test facility is sufficient to provision 6.2 MWh of VRFBstorage per year.

Contingent on sales, potential production at the CIMMSsite can expand incrementally according to market needs using ourmodular production-line design, each module with a capacity of 4million litres/year, each providing about 80 MWh of VRFB storage peryear.

VanadiumCorp's CEO Paul McGuigan, P. Geo. stated,"We are delighted that our electrolyte facility is now takingshape. VanadiumCorp will be able to plan production for the expandingglobal market for this key ingredient in long-duration vanadium redoxflow batteries. We look forward to a very positive partnership withCIMMS."

Chairman of CIMMS François Gouin said “It is withenthusiasm that CIMMS begins collaboration with VanadiumCorp withinthe framework of the new agreement signed recently.”

About VanadiumCorp ResourceInc.

VanadiumCorp Resource Inc. seeks to produce a reliablestream of high-quality vanadium electrolytes for the expandinginternational market for long-duration Vanadium Redox Flow Batteries(VRFB). The Company's initial manufacturing facility is based inVal-des-Sources, Québec. Stable, long-term access to vanadiumfeedstock for the electrolytes is assured, contingent on successfuldevelopment of our wholly-owned vanadium-titanium-iron mineraldeposits. Our flagship project is the Lac Doré property nearChibougamau, Québec.

An introduction to the Company by our ExecutiveChairman, Ian Mallory, can be viewed as a Greenshoe Media Group videoat:

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

Company website: www.vanadiumcorp.com

For more information, contact Mr. McGuigan, or:

Gilles Dupuis, P.Eng.
Director, Chief Operating Officer
gd@vanadiumcorp.com

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 containforward-looking statements (including "forward-lookinginformation" within the meaning of applicable Canadian securitieslaws and "forward-looking statements" within the meaning ofthe US Private Securities Litigation Reform Act of 1995) regarding,among other things, VanadiumCorp's business. and the environment inwhich it operates. In general, forward-looking statements can beidentified by the use of words 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's 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 planscontinue to be refined, the ability to execute planned futureexploration and drilling programs, the need for additional financingto continue exploration and development efforts, changes in generaleconomic, 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 are expresslyqualified by this disclaimer.

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