Mr. Paul McGuigan reports

VANADIUMCORP ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FINANCING

Further to the May 29, 2024, news release, Vanadiumcorp Resource Inc. has filed documents with the TSX Venture Exchange seeking conditional approval for a non-brokered financing of flow-through and non-flow-through units for aggregate proceeds of up to $1-million.

The financing will consist of up to 15 million four-cent non-flow-through units, each unit consisting of one common share of the company and one common share purchase warrant, each warrant being exercisable for an additional common share at six cents for five years, and up to eight million five-cent flow-through units, each FT unit consisting of one flow-through common share of the company and one-half of a common share purchase warrant, each full FT warrant being exercisable for a common share of the company at nine cents for two years.

Insiders may subscribe to the financing, that portion of the financing a related-party transaction as such term is defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on exemptions from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25 per cent of the company's market capitalization.

The financing is subject to TSX Venture Exchange approval, and securities issued pursuant to the financing will be subject to a four-month-and-a-day hold period. Finders' fees may be paid in accordance with TSX Venture Exchange policies.

The FT units will entitle the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada).

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) on or before Dec. 31, 2025, and to renounce all the qualifying expenditures in favour of the subscribers of the FT units, effective Dec. 31, 2024. The proceeds from the sale of the FT units will be used to advance the company's various exploration projects.

About Vanadiumcorp Resource Inc.

Vanadiumcorp seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration vanadium redox flow batteries. The company's initial manufacturing facility is based in Val-des-Sources, Que. Stable, long-term access to vanadium feedstock for the production of electrolytes is assured, success contingent on developing its wholly owned vanadium-titanium-iron mineral deposits, including its flagship Lac Dore deposit near Chibougamau, Que. The company's electrolyte plant will also be used to test the quality of future Lac Dore pilot plant outputs and to reprocess electrolytes.

We seek Safe Harbor.