Construction of the Vanadiumcorp Electrolyte Manufacturing Facility is on Track

Vancouver, August 8, 2023 - VanadiumCorp Resource Inc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) ("VanadiumCorp" or the "Company") reports that the progress of the construction of the Company's first facility for manufacturing vanadium electrolytes, announced on March 29, 2023, is on track. The Company has taken possession of its site at the CIMMS facility in Val-des-Sources, Québec. Engineering designs are complete. All major equipment is procured and ready for installation upon arrival of the electrochemical equipment from the UK in early October. The Company has contracted for the initial feedstock supplies for the manufacturing process. The Company expects production to begin in Q1 2024.

As previously announced, VanadiumCorp's first electrolyte facility is located at the Carrefour d'Innovation sur les matériaux de la MRC des Sources (CIMMS), in Val-des-Sources, Québec. CIMMS provides technical support services to innovative mining, metals and eco-materials companies active in Québec. The Company and CIMMS have signed a cooperation agreement to produce initially up to 360,000 litres/year of high-quality vanadium electrolyte for use in Vanadium Redox Flow Batteries (VRFB). The initial test facility is sufficient to provision 6.8 MWh of VRFB storage per year.

Contingent on sales to international battery manufacturers, potential production in Quebec can expand incrementally according to market needs using our modular production-line design. each module with a capacity of 3 million litres/year, each providing about 57 MWh of VRFB storage per year.

The development of the electrolyte facility has been greatly facilitated by a grant from PRIMA Québec, the agency of the Government of Québec supporting innovation in critical and strategic metals. See the news release from the Company dated July 31, 2023.

VanadiumCorp's CEO, Paul McGuigan, P. Geo., stated "As we move towards assembly and commissioning of our first electrolyte facility, VanadiumCorp can now turn our attention to how best to support VRFB manufacturers with their key ingredient for success in deploying the best long-duration batteries on the market."

About VanadiumCorp Resource Inc.

VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company's initial manufacturing facility is based in Val-des-Sources, Québec. Stable, long-term access to vanadium feedstock for the electrolytes is assured, success-contingent on developing our wholly-owned vanadium-titanium-iron mineral deposits, including our flagship Lac Doré deposit near Chibougamau, Québec. The Company's electrolyte plant will also be used to test the quality of Lac Doré pilot plant outputs and to reprocess electrolytes.

On behalf of the Board of VanadiumCorp Resource Inc.

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

For more information, contact Mr. McGuigan, or:

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

Company addresses:

Suite 303 - 5455 West Boulevard

Vancouver, British Columbia V6M 3W5

Canada

3 rue de Boisé,

Marieville, Québec J3M 1S7

Canada

Email: info@vanadiumcorp.com

Website: www.vanadiumcorp.com

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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.