VanadiumCorp Announces a Key Milestone With its First Electrolyte Plant

Vancouver, British Columbia – March 19, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) (“VanadiumCorp” or the “Company) announces that the Company’s technical team is conducting the final stages of process optimization of our vanadium electrolyte Plant No. 1. The plant is functioning as designed and calibration electrolyte batches are running as expected. The construction advisors from C-Tech UK have completed their work and have demobilized.

Vanadium electrolyte production is a key milestone for VanadiumCorp. Plant No. 1 will provide electrolytes to develop our initial customer base. Concurrently with the design and construction of Plant No. 1, the Company’s technical team prepared a scoping-level engineering study for a 4 million litres per year plant. Upon securing offtake contracts, our scoping indicates that 18 months of detailed engineering, procurement and construction is required to open Plant No. 2.

The Company’s Plant No. 1 is located in Val-des-Sources, Québec, at the Carrefour d’Innovation sur les Matériaux de la MRC des Sources (CIMMS). The Company’s website (www.vanadiumcorp.com) displays photographs of the completed plant.

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

“VanadiumCorp will enter midstream into the Vanadium Flow Battery (VFB) supply chain with the production of vanadium electrolytes for Original Equipment Manufacturers (OEMs). With the initial production of electrolytes from Plant No. 1, VanadiumCorp is on track to produce up to 350,000 litres of electrolytes annually, sufficient to store some 6.8 MWh of electrical energy in VFB installations. The Company welcomes inquiries from those VFB OEMs seeking a reliable, Made-in-Canada source of high-purity vanadium electrolytes.”

About VanadiumCorp Resource Inc.

A remarkable transformation of the global energy landscape is underway as we shift toward renewable energy sources. Solar and wind energy sources are forecasted to dominate power generation. 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 battery technologies. 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 unique for its ability to perform indefinitely with inexpensive operational maintenance.”

The Company’s initial manufacturing facility is in Val-des-Sources, Québec. To assure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, the Company is developing novel hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Doré property near Chibougamau, Québec.

The Company’s electrolyte plant will also test the quality of the anticipated outputs from a Lac Doré pilot plant and reprocess electrolytes as needed. We are currently scoping the expansion of production to 4 million litres of electrolytes per year.

On behalf of the Board of VanadiumCorp Resource Inc.:

Paul McGuigan, P.Geo.
Director, Chief Executive Officer
moc.procmuidanavobfsctd@mjp
Direct: +1.604.970.3278

Company Contact Information:

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

Forward-Looking Statements

This document may contain forward-looking statements (including “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp’s business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is expected”, “budget”, “forecast”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”,  “occur” or “will be achieved”. VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp’s latest Annual Information Form under the heading “Risk Factors” and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp’s control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

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