Mr. Kristien Davenport reports

VANADIUMCORP REPORTS INTERIM METALLURGICAL RESULTS FROM LAC DORE BULK SAMPLE TESTING

Vanadiumcorp Resource Inc.'s interim results demonstrate selective vanadium extraction and support continued optimization of the flowsheet. The metallurgical testing program was conducted by Impact Global Solutions Inc. (IGS) on bulk samples from its flagship Lac Dore vanadiferous titanomagnetite property, located near Chibougamau, Que.

The testing program, as detailed in the company's news release dated March 27, 2024, was designed to evaluate beneficiation and downstream vanadium extraction options for Lac Dore mineralization and to advance the company's strategy of developing a secure, low-carbon vanadium supply chain.

Metallurgical program overview

The IGS metallurgical test program was designed and executed in two sequential phases to assess the beneficiation characteristics of the Lac Dore material and to evaluate the amenability of the resulting vanadium-bearing concentrate to downstream thermal and hydrometallurgical extraction.

Phase 1 -- beneficiation testwork

Phase 1 testwork focused on comminution, followed by wet magnetic separation to evaluate the recovery and upgrading of vanadium-bearing magnetite and associated ilmenite. The Lac Dore material demonstrated a consistent response to conventional grinding and magnetic separation techniques, resulting in the production of a vanadium magnetite concentrate and an ilmenite preconcentrate.

The vanadium magnetite concentrate produced exhibited upgraded vanadium content and mineralogical characteristics considered suitable for subsequent thermal treatment and hydrometallurgical processing. The results indicate that no atypical or non-standard beneficiation techniques are required at this stage of process development.

Phase 2 -- vanadium extraction (roasting and leaching)

Phase 2 scoping-level testwork evaluated the extractability of vanadium from the beneficiated vanadium magnetite concentrate using oxidative roasting followed by sulphuric acid leaching. Roasting tests were conducted across a temperature range of approximately 800 degrees Celsius to 1,050 degrees Celsius to assess the influence of thermal treatment on vanadium liberation and subsequent leach recovery.

Results demonstrated a positive correlation between roasting temperature and vanadium extraction efficiency during leaching. Increasing roasting temperatures led to progressively higher vanadium recoveries, indicating enhanced conversion of vanadium to acid-soluble phases. Iron and titanium remained largely insoluble under the tested roasting and leaching conditions and reported predominantly to the solid leach residue.

These outcomes indicate selective vanadium extraction under the evaluated roast-leach conditions, with limited dissolution of iron and titanium, supporting further assessment of downstream vanadium recovery processes.

Highlights of interim metallurgical results

• Successful production of a vanadium-magnetite concentrate through grinding and staged magnetic separation;
• Preliminary tests achieved a vanadium-magnetite concentrate grading approximately 0.93 per cent V2O5 and approximately 78 per cent Fe2O3, with a mass pull of approximately 63 per cent in non-optimized conditions;
• Selective vanadium extraction from the magnetite concentrate demonstrated increasing recoveries with higher roasting temperatures, reaching up to approximately 65 per cent vanadium recovery at 1,050 degrees C;
• Iron and titanium were largely unaffected during vanadium leaching, supporting selective vanadium recovery;
• "Results indicate the technical potential of producing a vanadium-rich feedstock suitable for preliminary evaluation in downstream electrolyte processing studies."

Strategic significance

These interim results support Vanadiumcorp's strategy of evaluating the integration of hydrometallurgical processing with traditional beneficiation as part of a potential future vanadium supply chain for vanadium flow battery (VFB) electrolytes from a domestic Quebec resource. The work also complements the company's proprietary VEPT hydrometallurgical process, which has previously demonstrated high vanadium recoveries from similar feedstocks.

The production of high-grade vanadium-bearing magnetite concentrates from representative Lac Dore VTM mineralization under the reported test conditions supports further optimization of the company's patented and proprietary processing flowsheet. The company plans to advance additional hydrometallurgical testwork to evaluate vanadium recovery pathways and assess the potential recovery of vanadium electrolyte and associated value-added co-products from the Lac Dore project.

Kristien Davenport, chief executive officer of Vanadiumcorp, stated: "The initial metallurgical results show Lac Dore mineralization can be processed into vanadium-bearing magnetite concentrate, with vanadium selectively extracted under current conditions. These findings represent an important technical step toward further evaluating processing methods for a potential integrated vanadium supply chain for long-duration energy storage."

IGS recommendations

• Based on the results of the interim testwork, IGS has recommended continued optimization work, including:
  • Refinement of the beneficiation flowsheet;
  • Additional roasting and leaching tests to improve vanadium recovery;
  • Evaluation of particle size, leaching temperature, additive chemistry and higher roasting temperatures;
  • The company will evaluate these recommendations as part of its continuing technical and economic studies for the Lac Dore project.

The metallurgical testwork reported herein is preliminary in nature and was conducted under non-optimized laboratory conditions. The results are intended to assess technical amenability only and do not constitute an economic or production decision. Further metallurgical testing and optimization will be required to assess scalability and commercial applicability.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Andre Gauthier, PGeo, a qualified person as defined under NI 43-101 and a director of the company. Mr. Gauthier has not independently verified the historical exploration data referenced and does not accept responsibility for the accuracy of historical estimates. His review was conducted to ensure that the disclosure complies with NI 43-101 requirements.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource is a Canadian resource company focused on developing vanadium-based materials for the energy storage and steel markets, with a strategic emphasis on producing high-purity vanadium electrolyte for vanadium redox flow batteries (VRFBs).

The company's core assets include the Lac Dore vanadium-iron-titanium project near Chibougamau, Que., one of the largest undeveloped vanadium resources in North America, and the Iron-T project. Vanadiumcorp is advancing an integrated strategy spanning resource development, processing flowsheet optimization and downstream electrolyte production, targeting the growing demand for long-duration energy storage solutions required to support grid stability and renewable energy integration.

Vanadiumcorp's market objective is to position itself as a reliable, low-cost and environmentally responsible supplier of vanadium electrolyte, advanced materials, and technology provider supporting the global deployment of VRFB technology in utility-scale, industrial and infrastructure applications.

We seek Safe Harbor.