VanadiumCorp Opens a Business Office in Quebec

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Vancouver, British Columbia – December 28, 2022 – VanadiumCorp Resource Inc. (TSX-V: VRB) (OTCBB: APAFF) (FSE: NWN) (the “Company”) is pleased to announce the opening of the Company’s business office in Québec.  Located in Marieville, 30 km east of Montréal, the office will support the expanding technical and commercial activities of the Company in Québec.  These activities include the development of the previously announced vanadium electrolyte manufacturing facility expected to be located near Sherbrooke, Québec, and continued progress on the strategic vanadium mineral deposit at Lac Doré near Chibougamau, Québec.

VanadiumCorp’s CEO Paul McGuigan stated that “Our company’s asset base is in Québec, and it is critical that we expand our presence there.”  The business office will be led by Gilles Dupuis, P.Eng., Chief Operating Officer of the Company, who has a solid background in the design and construction of major projects in Québec.  “Quebec is rich with vanadium-titanium deposits. I am committed to advancing the Company’s Lac Doré mineral resource for use in eco-friendly vanadium redox flow batteries that support green power. Our new facilities will create jobs and benefit the local communities in which we operate”, says Mr. Dupuis.

The office will be open for business on January 3, 2023.

About VanadiumCorp

VanadiumCorp Resource Inc. is a mineral exploration company based in Quebec and Vancouver, Canada, with 100% ownership of two strategic vanadium, titanium, and iron properties in Quebec. The Iron T is near Matagami, and the Company’s flagship Lac Doré property is near Chibougamau.

An introduction to the Company by our Executive Chairman, Ian Mallory, can be viewed as a Greenshoe Media Group video at: https://www.youtube.com/watch?v=-gjU26_osDc

Definition diamond-drilling and resampling surface trenching on the Lac Doré property by the Company culminated in preparing a Technical Report and Mineral Resource Estimate by CSA Global Consultants Canada Limited (“CSA”), with Dr. Luke Longridge, P. Geo. as the lead consultant. CSA produced a Technical Report titled “Lac Doré Project, Chibougamau, Québec, Canada, December 10, 2020.” The full technical report is available on the Company’s website and SEDAR. Longridge recommended a program of step-out diamond drilling and metallurgical testing.

The Technical Report describes Measured and Indicated Mineral Resources of 215 million tonnes containing 53 million tonnes of recoverable vanadiferous titanomagnetite. The titanomagnetite concentrate is estimated to have 1.49 billion pounds of V2O5 (not factored for recoveries from titanomagnetite).

VanadiumCorp also owns 100% of the newly patented hydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem, Process Technology”), invented by Dr. Francois Cardarelli, that consists of digesting vanadiferous feedstocks into concentrated sulfuric acid. The technology addresses the recovery of vanadium, titanium, ferrous sulphate, and silica products from mineral concentrate feedstocks, such as titanomagnetite. The VEPT process is also valid for recovering vanadium from industrial residues, such as slags from oxygen blast furnaces (BOF-slags). This sulphuric acid process is novel because it adapts a proven and widely used industrial process to extract valuable metals from titanomagnetite and industrial residues.

Qualified Person

Mr. Paul McGuigan, P. Geo., a geologist and a Qualified Person (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and CEO and Director of the Company, has reviewed and approved the technical disclosures in this news release.

ON BEHALF OF THE BOARD OF VANADIUMCORP

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) accept 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’s 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