VRB:CC - Vanadiumcorp to Establish a Vanadium Electrolyte Manufacturing Test Facility

(TheNewswire)

Vancouver, British Columbia – TheNewswire - December 13, 2022 – VanadiumCorpResource Inc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the "Company") is pleased to announce the commencement ofengineering design and site selection for a vanadium electrolytemanufacturing facility to be located near Sherbrooke, Quebec. TheCompany also reports that the field program at its Lac Doré propertynear Chibougamau, Quebec, has collected representativetitanomagnetite-mineralized samples from historical trenches tocommence advanced metallurgical tests.

VanadiumCorp management has assessed the supply anddemand outlook for vanadium to the years 2030 and 2050. We see astrong case for advancing the Lac Doré vanadium-titanium-iron mining project and, in parallel, developing avalue-added manufacturing capacity for vanadium electrolytes.Concurrent advancement will maximize the value of our mineral depositand our knowledge base in Vanadium Redox Flow Batteries(“VRFBs”).

Lac Doré project work in October-November resampledhistorical trenches in the titanomagnetite horizons. A large sample isavailable now for grinding and separation tests. Additionalhydrometallurgical testing is planned to commence in January 2023 totest the quality of our mineral concentrates and optimize the futureproduction of vanadium and titanium strategic metals.

Engineering design and site selection have commencedfor a modular vanadium electrolyte manufacturing facility nearSherbrooke, Quebec. Led by Company Directors Gilles Dupuis, P. Eng.and Gilles Y. Champagne, Ph.D., our engineering scoping defines aninitial vanadium electrolyte production capacity of 315,000litres/year (provisioning about 6.3 MWh of energy storage capacity inVRFBs). Quality testing of Lac Doré vanadium pentoxide product willbe the primary use for the facility. In a later stage, cold-weatherdemonstrations of VRFBs in Canada's remote northern communities,farms, and off-grid industrial locations will test the Company's finalelectrolyte formulations .

Deployment of VRFBs for long-duration energy storage will expanddramatically as worldwide energy production shifts to renewables,according to consensus amongst industry, the International EnergyAssociation (IEA), and a recent MIT Research Review (2022). Under theIEA’s Net-Zeroby 2050 Roadmap , the share of power generated from renewables– mainly solar, wind and hydropower -- would rise from currentlevels of around 10 percent to 60 percent. Fossil fuel usage wouldshrink from almost 80% to about 20%. Increasingly, governments requirethat renewable power projects have co-located long-duration storagecapacity --a technical strength and cost advantage of VRFBs.

The International Monetary Fund (IMF) notes that vanadium is 75%undersupplied for that 2050 Net-Zero goal. The IMF also reports thatcurrent vanadium production is the most regionally concentrated of allNet-Zero metals.

The key to the adequate supply of vanadium and titanium strategicmetals will be adopting alternate, more efficient extractivetechnologies.

About VanadiumCorp

VanadiumCorp Resource Inc. is a mineral exploration companyheadquartered in Quebec and Vancouver, Canada, with 100% ownership oftwo strategic vanadium, titanium, and iron properties in Quebec. TheIron T is near Matagami, and the Company's flagship Lac Doré propertyis near Chibougamau.

Our executive chairman, Mr. Ian Mallory, recently sat down withGreenshoe Minute host Mark Bunting to provide a corporate update onlatest Company developments. The Greenshoe Minute update is currentlyairing nationally on BNN Bloomberg television. The video can be viewedat:

Definition diamond-drilling and resampling surface trenching on theLac Doré property by the Company culminated in preparing a TechnicalReport and Mineral Resource Estimate by CSA Global Consultants CanadaLimited ("CSA"), with Dr. Luke Longridge, P. Geo. as thelead consultant. CSA produced a Technical Report titled " Lac Doré Project, Chibougamau, Québec,Canada, December 10, 2020 ." The full technical report isavailable on the Company's website and SEDAR. Longridge recommended aprogram of step-out diamond drilling and metallurgical testing.

The Technical Report 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 also owns 100% of thenewly patented hydrometallurgical process, VEPT (the"VanadiumCorp, Electrochem, Process Technology"), inventedby Dr. Francois Cardarelli, that consists of digesting vanadiferousfeedstocks into concentrated sulfuric acid. The technology addressesthe recovery of vanadium, titanium, ferrous sulphate, and silicaproducts from mineral concentrate feedstocks, such as titanomagnetite.The VEPT process is also valid for recovering vanadium from industrialresidues, such as slags from oxygen blast furnaces (BOF-slags). Dr.Cardarelli's sulphuric acid process is novel because it adapts aproven and widely used industrial process to extract valuable metalsfrom titanomagnetite and industrial residues.

Qualified Person

Mr. Paul McGuigan, P. Geo., a "Qualified Person" (as definedin NI 43-101 -Standards for Disclosure for Mineral Projects) and CEOand Director of the Company, has reviewed and approved the technicaldisclosures in this news release.

ON BEHALF OF THE BOARD OFVANADIUMCORP

Paul McGuigan, P. Geo

Director, Chief Executive Officer

Website: www.vanadiumcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider(as defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This corporate news release contains certain forward-lookingstatements and information relating to VanadiumCorp Resource Inc.("the Company") and its operations that are based on thebeliefs of its management as well as assumptions made by andinformation currently available to the Company. When used in thisdocument, the words "anticipate," "believe,""budget," "estimate," "expect,""intends," "plans," "potential," andsimilar expressions, as they relate to the Company or its managementand operations, are intended to identify forward-looking statements.

These forward-looking statements or information relate to, among otherthings: the Company's future financial and operational performance;the sufficiency of the Company's current working capital, anticipatedcash flow or its ability to raise necessary funds; the anticipatedamount and timing of work programs; our expectations with respect tofuture exchange rates; the estimated cost of and availability offunding necessary for sustaining capital; forecast capital andnon-operating spending; and the Company's plans and expectations forits property, exploration and community relations operations.

These forward-looking statements and information reflect the Company'scurrent beliefs as well as assumptions made by, and informationcurrently available to the Company and are necessarily based upon anumber of assumptions that, while considered reasonable by theCompany, are inherently subject to significant operational, business,economic, competitive, political, regulatory, and social uncertaintiesand contingencies. These assumptions include: cost estimates forexploration programs; cost of drilling programs; prices for vanadium,titanium and iron metals remaining as estimated; currency exchangerates remaining as estimated; capital estimates; our expectation thatwork towards the establishment of mineral resource estimates and theassumptions upon which they are based will produce such estimates;prices for energy inputs, labour, materials, supplies and services(including transportation); no labour-related disruptions at ouroperations; no unplanned delays or interruptions in scheduled work;all necessary permits, licenses and regulatory approvals for ouroperations being received in a timely manner and can be maintained;and our ability to comply with environmental, health and safety laws,particularly given the potential for modifications and expansion ofsuch laws. The foregoing list of assumptions is not exhaustive.

Forward-looking statements and information involve known and unknownrisk, uncertainties, assumptions, and other factors which may causethe actual results, performance, or achievements of the Company to bematerially different from any future results, performance orachievements expressed or implied by the forward-looking statements.Although the Company has attempted to identify important factors thatcould cause actual results or events to differ materially from thoseexpressed or implied in the forward-looking statements, there may beother factors, such as the coronavirus global pandemic, which couldcause results not to be as anticipated, estimated, described, orintended. Investors are cautioned against attributing undue certaintyor reliance on forward-looking statements or information.

Forward-looking statements and information contained herein are madeas of the date of the latest MD&A and the Company disclaims anyintent or obligation to update or revise forward-looking statements orinformation, whether as a result of new information, future events, orto reflect changes in assumptions or in circumstances or any otherevents affecting such statements or information, other than asrequired by applicable law.

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