File: Attachment 2026-07-20 VEC EWR NR - Gord Keep (FINAL).pdf

PRESS RELEASE

FIORE MANAGEMENT ANNOUNCES FILING OF EARLY WARNING REPORT

July 20, 2026 Vancouver, BC, Canada Fiore Management & Advisory Corp. ("FMAC"), a company controlled by Gordon Keep, a director of Vanadian Energy Corp. (NEX: VEC.H) (the "Issuer"), has disposed of ownership of 912,500 common shares of the Issuer. As a result of this disposition, Mr. Keep's aggregate securityholding percentage of common shares of the Issuer decreased by approximately 7.65%.

Immediately before the transaction that triggered the requirement to issue this release, FMAC and Jasper Management & Advisory Corp. ("JMAC"), both controlled by Mr. Keep, directly owned 2,718,750 common shares of the Issuer representing approximately 22.88% of the Issuer's issued and outstanding common shares, and FMAC and Mr. Keep, directly and indirectly, held options entitling the purchase of 41,750 common shares of the Issuer; or, assuming exercise of the options, FMAC, JMAC and Mr. Keep owned, directly and indirectly, a total of 2,760,500 common shares or approximately 23.15% of the Issuer's common shares on a post-conversion beneficial ownership basis.

Immediately after the transaction that triggered the requirement to issue this release, FMAC and JMAC own, directly and indirectly, an aggregate 1,806,250 common shares of the Issuer representing approximately 15.20% of the Issuer's issued and outstanding common shares and held, directly and indirectly, options entitling the purchase of 41,750 common shares of the Issuer; or, assuming exercise of the options, FMAC, JMAC and Mr. Keep would own, directly and indirectly, a total of 1,848,000 common shares or approximately 15.50% of the Issuer's common shares on a post-conversion beneficial ownership basis.

The securities were disposed for investment purposes by FMAC and it will evaluate its investment in the Issuer and will increase or decrease its investment by future acquisitions or dispositions of securities of the Issuer at its discretion, as circumstances warrant. FMAC may dispose of further common shares as the market evolves in the future. FMAC and JMAC have no immediate future intention to acquire additional securities of the Issuer, or dispose of securities of the Issuer that they own. FMAC may, in the future, exercise options that it owns and, thus, acquire further common shares in the capital of the Issuer.

An early warning report will be filed by Mr. Keep in accordance with applicable securities laws and is available on the Company's profile at SEDARplus.ca, or by contacting Brenda Nowak (President and CEO of the Company) at 604-609-6110.

FOR FURTHER INFORMATION PLEASE CONTACT:

Vanadian Energy Corp. 604-609-6110 www.vanadianenergy.com