Mr. Paul McGuigan reports

VANADIUMCORP ANNOUNCES THE RESIGNATION OF ITS CEO

Paul McGuigan has resigned as chief executive officer of Vanadiumcorp Resource Inc. Mr. McGuigan has completed his mandate as temporary CEO, as announced in March, 2022.

Paul McGuigan, P. Geo., states: "Vanadiumcorp has constructed its first electrolyte plant in less than 12 months using mostly in-house technical staff. We look forward to our next phase of corporate development and commercial production enabled by the experience of our first plant . It has been my pleasure to work with the Vanadiumcorp team on this stage of its development."

The Company completed construction and commissioning of its Plant No. 1 in Val des Sources, Quebec. The Company selected this first plant to enable team experience and market development based on a minimal capital expenditure. We look forward to our next phase of corporate development and commercial production enabled by the experience of our first plant.

Batches produced to date in this demonstration-sized plant meet tight electrolyte specifications and high purity, vindicating our selection of electrolyzer technologies, like the new, larger facilities of AMG Vanadium LLC (Europe), Australian Vanadium Ltd. (Australia) and Bushveld Minerals (South Africa). Additionally, we are in receipt of a scoping-level engineering from the Company's technical team for a 4 to 8 million litres per year plant. This second larger plant is scoped using electrolyzer modules from C-Tech Innovation Limited, of the UK. Prior to committing to this larger plant, we seek markets for its premium electrolyte product.

Market studies commissioned by the Company indicated a good demand for high purity electrolytes. However, as the Vanadium Flow Battery (VFB) market grows quickly, demand intensifies for the lowest transformation charge for the conversion of vanadium feedstocks to electrolyte for certain VFB applications. The Company will actively scope a chemical process to create a hybrid chemical/electrolyzer manufacturing design, or alternately a fully chemical process design, to meet the growing demand for lower conversion costs and to augment our premium product line.

About Vanadiumcorp Resource Inc.

The Company's Plant No. 1 is in Val-des-Sources, Quebec, at the Carrefour d'Innovation sur les Materiaux de la MRC des Sources (CIMMS). The Company's website ( www.vanadiumcorp.com ) displays photographs of the completed plant.

A remarkable transformation of the global energy landscape is underway as we shift toward renewable energy sources. Solar and wind energy sources are forecasted to dominate power generation. Yet, vast amounts of long-duration energy storage (LDES) are vital to time-shift and stabilize these variable energy sources. The Vanadium Flow Battery is the most mature of the LDES battery technologies. According to MIT (2022), the VFB is "unique for its ability to perform indefinitely with inexpensive operational maintenance."

To assure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, the Company is developing novel hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Dore property near Chibougamau, Quebec.

We seek Safe Harbor.